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INTERNATIONAL DEALS
International law firm Freshfields Bruckhaus Deringer has advised South African bank Nedbank Limited, the Mandated Lead Arrangers of $215 million of financing for a 15-year project to construct, launch and operate a new commercial communications satellite to serve Africa, the New Dawn Satellite. Financial close of the project took place today. The debt financing is made up of a combination of a senior tranche and a mezzanine tranche. The debt is being provided by Nedbank with participation by the Industrial Development Corporation (IDC), a South African government-owned institution which assists with financing projects that promote economic growth throughout Africa. The sponsors, who are providing equity to the project, are US-based satellite operator Intelsat and a group of South African technology investors led by Convergence Partners. Paul Weiss acted as lead counsel for the Borrower. The New Dawn Satellite will provide capacity to mobile telecoms networks, broadband providers and satellite television broadcasters across Africa. Construction of the Satellite is now underway and it is expected to launch by the end of 2010. Freshfields finance partner Nick Bliss, co-leader of the firm’s global Infrastructure and Transport Group, comments: “The New Dawn Satellite will be a huge step forward for modern communications across Africa. Despite the lack of capacity in the senior debt project finance markets that we have seen in recent months, this shows that there is willingness in the market to invest in telecoms infrastructure, which is much needed in developing parts of the world. This was a very complex cross border transaction which was supported by our client and sponsors in South Africa, and other project participants in the US, France, Bermuda and Mauritius. “We are very pleased to have been involved in this innovative project, which adds lustre to our previous Skynet 5 and YahSat satellite financings experience.” The Freshfields team was led by Nick Bliss and in London included senior associates Martin Goodwin and Max Cairnduff, and associates Keith Gamble and Jeremy Godley (all Finance). Other Freshfields lawyers involved included partner Dolly Mirchandani and associates Helen Jones and Yehuda Herbst in New York (all Finance), counsel Glen Kelley (Corporate) in Washington DC and senior associate Jean-Marc Allix (Finance) in Paris.
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