United States: Space And Business Review - February 2013

Arabsat Acquires Majority Stake in Hellas-Sat

On February 7, the Arab Satellite Communications Organization (Arabsat),and the Hellenic Telecommunications Organization SA (OTE) signed an agreement for the acquisition by Arabsat, through wholly-owned subsidiary Arabsat Cyprus Ltd., of OTE's 99.05% equity stake in Hellas-Sat Consortium Ltd. (Hellas-Sat)for a purchase price of approximately $281m.The transaction, which remains subject to regulatory approvals, is expected to close during Q2 2013. Hellas-Sat currently operates the Hellas-Sat 2 satellite, which provides coverage to Europe, the Middle Eastand South Africa, and maintains the exclusive right to use the 39°E orbital slot and all of its associated frequencies from Greece and Cyprus. Arabsat has already announced plans for a new satellite, Hellas-Sat 3, to replace Hellas-Sat 2 and provide additional capacity at 39°E for existing and future customers. Arabsat's acquisition of Hellas-Satfalls in line with Arabsat's broader stated plans to grow from a regional to a major global satellite operator.

DigitalGlobe and GeoEye Complete Merger

On January 31, DigitalGlobe, Inc. (DigitalGlobe) and GeoEye, Inc. (GeoEye) announced the consummation of the merger of the two companies. The combined company, which will operate under the DigitalGlobe name, has a market capitalization of $2.1b and boasts improved qualities, such as a more diverse revenue base, a larger satellite constellation, more efficient imagery collection, processing and analytics capabilities and a stronger financial profile. In connection with the merger, GeoEye discharged, and called for redemption of, all of its 75 outstanding 9.625% Senior Secured Notes due 2015 and 8.625% Senior Secured Notes due 2016 while DigitalGlobe entered into new senior secured credit facilities in the aggregate amount of $700m. DigitalGlobe's new senior secured credit facilities consist of a term loan facility in the amount of $550m and a revolving credit facility in the amount of $150m. DigitalGlobe used the full amount of the term loan facility to fund its combination with GeoEye but had not drawn under the revolving credit facility at the time of completion of the merger.

Arabsat's Badr-7 to Host EMC Payload

On February 18, Emerging Markets Communications, LLC (EMC) and Arabsat announced an agreement for Arabsat to host a Ka-band payload for EMC aboard Arabsat'splanned Badr-7 satellite. EMC will use the Ka-band payload, designed and acquired exclusively by EMC based on its own patented technologies, to provide broadband services to 34 countries across Europe, the Middle East, Africa and Central Asia. EADS Astrium is currently manufacturing Badr-7based on its Eurostar E3000 platform, while Thales Alenia Space (Thales) is supplying the satellite's payload. Badr-7 is scheduled for launch in Q4 2015 by Arianespace S.A. (Arianespace) to Arabsat's 26°E orbital slot.

February Launch Services

February 6 – Arianespace affiliate Starsem S.A. successfully launched six satellites for Globalstar, Inc. (Globalstar) on a Soyuz launch vehicle, marking the fourth and finalSoyuz launch for the deployment of Globalstar's second generation constellation of 24 LEO satellites. The satellites, eachmanufactured by Thales and equipped with 16 transponders from C- to S-band and 16 receivers from L- to C-band, will be used to provide mobile voice and data services.

February 7– Arianespace successfully launched the Amazonas 3 and Azerspace/ Africasat-1 satellites for the HISPASAT Group and Azercosmos OJSC respectively on an Ariane 5 launch vehicle. Amazonas 3,manufactured by Space Systems/Loral, Inc., is equipped with 33 Ku-band and 19 Cband transponders and 9 Ka-band spot beams and will provide DTH, telephony and broadband services to the Americas, NorthAfrica and Europe from the 61°W orbital slot. Azerspace/Africasat-1, manufactured byOrbital Sciences Corporation, carries 24C-band and 12 Ku-band transponders and will provide communications services toAzerbaijan, Central Asia, Europe and Africa from the 46°E orbital slot.

February Launch Services Orders

On February 8, Eutelsat Communications S.A. (Eutelsat) and Arianespace announced an agreement for up to four launches over the course of 2016 and 2017, with launch vehicles to be assigned per satellite at a later date, affording Eutelsat assurance and flexibility for its ongoing in-orbit expansion.

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