Pasifik Satelit Nusantara - PSN VI project
On December 5, 2017 PSN Enam, a special purpose vehicle affiliate of PT Pasifik Satelit Nusantara (“PSN”) held a signing ceremony in Jakarta for its limited recourse project finance loan for the $230 million PSN VI Satellite Project from Export Development Canada (“EDC”). PSN Enam had achieved financial close on the EDC loan on October 25, 2017. PSN is the first private company in the telecommunication and information services sector in Indonesia; PSN VI is its first developed and designed satellite. As Canada's export credit agency, EDC provides loans and credit insurance to help Canadian companies sell outside Canada. SSL, a business unit of Maxar Technologies (formerly MacDonald, Dettwiler and Associates Ltd.), will construct the C-band/Ku-HTS satellite that is scheduled for launch by SpaceX in late 2018 to its 146 E orbital slot.
JLS Capital served as financial advisor to PSN. JLS Capital professionals advised on project and financial structure and supported initial loan application to the United States Export-Import Bank before Ex-Im Bank’s lapse of authorization in 2015. JLS Capital advised and supported PSN efforts to structure the transaction to meet EDC credit and eligibility standards, from loan application through EDC final commitment and financial terms agreement. JLS Capital President John L. Schuster states “ We are thrilled with the successful closing and funding of PSN VI. This marks my third closed and funded project-finance deal in a satellite industry that poses special challenges for all limited recourse finance, but even more so for PSN given changes in the satellite and export credit industries. JLS Capital is proud to have been part of the dedicated and committed PSN team that stepped up to find solutions to meet EDC’s rigorous credit standards.”
In PSN’s December 6, 2017 Press Release, PSN Chief Executive Officer Adi Rahman Adiwoso said "As a pioneer of satellite companies in Indonesia, PSN is constantly striving to meet the growing demand for satellite services by adding new satellites with more sophisticated technology to enable both data and voice communications services to be enjoyed by more Indonesians. We hope that PSN satellite service can reach all parts of Indonesia and participate in moving the national economy."
For further information contact John Schuster at +1 202 375 8903 or jschuster@jlsapitalstrategies.com