The Board of MEASAT Global wishes to announce that its wholly owned subsidiary, Binariang Satellite Systems Sdn Bhd (“BSS”) had on 27 August 2003, entered into agreements with a consortium of financial institutions to accept a USD250 million Equivalent Syndicated Loan Facilities (“Facilities”) lead arranged by Standard Chartered Bank Malaysia Berhad (“SCB”), comprising:
| i) |
a 7-year Term Loan Facility of up to USD130 million equivalent; and
|
| ii) |
a 12-month Standby Loan Facility of up to USD120 million equivalent with option to convert into a 7-year Term Loan Facility and /or 7-10 years Exim Bank Supported Buyer Credit Facility of up to USD120 million. |
The purposes of the Facilities are to:
| i) |
finance the repurchase and redemption of BSS' outstanding RM250 million Islamic Private Debt Securities (“IPDS”); and
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| ii) |
finance the MEASAT-3 satellite cost, the launch cost and the launch insurance cost and the ancillary costs. |
The Facilities will result in substantial interest savings for the Group.
The Facilities will be secured, inter alia, by a corporate guarantee from MEASAT Global in favour of SCB.
This announcement is dated 27 August 2003.
