Eutelsat has arranged a $484.33 million multicurrency, revolving credit facility to a establish more flexible line of credit in anticipation of its privatization next July “and its likely IPO within two years after that.”

The line of credit, which amounts to 550 million Euro, was completed. Barclays Capital, Matexis Banques Populaires led the syndication and WestLB, with another 10 European banks joining.

Eutelsat pan-European nature of the lending banks marked a broadening of its financial base, which had been limited to banks in French-language countries. Eutelsat’s members comprise 45 European countries and their telecom organizations, with the United Kingdom, France and Italy holding the largest shares.

Eutelsat said it plans to use the funds for general corporate purposes. “Eutelsat continues to grow as we add new satellites to our active launch program over the next few years and expand our activities in value-added services, including through investment partnerships,” said Giuliano Berretta, the organization’s director general.

“This transaction will help fund this growth and is also important for us as we continue to prepare for privatization. It provides us with a key part of our financing needs in a flexible form that reflects the strength of our business,” Berretta added.