[Satellite Today -8-06-08] Al Yah Satellite Communications Co. (Yahsat) has secured commitments for $1.2 billion to finance its hybrid satellite communications system, parent company Mubadala Development Co. announced Aug. 6.
    In May, Yahsat said it planned to approach the financial market to raise public-private partnership-style project finance funding for its satellites. Yahsat plans to launch a pair of communications satellites to provide commercial and government services throughout the Middle East, Africa, Europe and Southwest Asia. Yahsat 1A is scheduled for launch in the fourth quarter of 2010, with Yahsat 1B to follow a few months later in the first half of 2011.
    The 14-year financing is split into a $1 billion term loan,  $100 million of standby facilities and an $80 million debt service reserve letter of credit, and includes commitments from 14 banks.
    “Yahsat received commitments from leading international and regional banks in excess of $1.6 billion for the $1.2 billion financing, which is a testament to the strength of our sponsorship acknowledging our business model,” Jassem Mohamed Al Zaabi, CEO of Yahsat, said in a statement.