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Space Business Review A monthly round-up of developments for the information of our clients and friends.

March 2014 EXPORT CREDIT DEVELOPMENTS MARCH LAUNCHES financing is now the fastest-growing March 17 – A launch vehicle sector at the U.S. Export-Import Bank (Ex-Im), successfully launched the Express-AT1 and CONTACTS: having risen from $50m to $1b in loans per year Express-AT2 , both for the Russian since 2010. According to Ex-Im, more than 60% Satellite Communications Co. (RSCC), under Dara A. Panahy 202-835-7521 of all U.S.-manufactured commercial satellites the Russian Federal launch program. The [email protected] are now supported by Ex-Im financing. In a satellites were manufactured jointly by JSC ISS separate development, the Export Insurance – Reshetnev Company, which supplied the Bijan Ganji Agency of Russia (EXIAR) announced plans to satellite platforms, and Thales Alenia Space, 202-835-7543 actively support ILS International Launch which supplied the payloads. Express -AT1 is [email protected] Services Inc. by providing export credit equipped with 32 Ku-band transponders and will insurance for projects involving the launch be operated at the 42°E orbital position. Express-

services provider. Unlike certain export credit AT2 is equipped with 16 Ku-band transponders To learn about Milbank’s agencies, EXIAR is not constrained by specific and will be operated at the 140°E orbital Space Business Practice, or Russian content thresholds and has the flexibility position. RSCC has leased most of the capacity view previous issues of the to support the other, non-Russian elements of a on the satellites to S.A. for 15 years. Space Business Review, given satellite project. March 22 – Arianespace S.A. successfully please visit www.milbank.com. launched the 5B satellite for SES S.A. SES $1B U.S. BOND OFFERING (SES) and the Amazonas 4A satellite for The information contained On March 18, SES S.A. (SES) priced its second S.A. on an launch vehicle. herein is provided for ever U.S. bond offering, raising $1b through two , manufactured by Airbus Defence informational purposes only tranches. Issued by SES Global Americas and should not be construed and Space based on its E3000 as legal advice on any subject Holdings GP, the offering consists of $500m in platform, is equipped with 40 Ku- and 6 Ka-band matter. Recipients of this 2.5% notes due 2019 and $500m in 5.3% notes transponders. To be located at the 31.5°E orbital publication should not take or due 2044, in both cases at a price equal to position, ASTRA 5B will expand SES capacity refrain from taking any action 99.436% of the principal amount. SES plans to and coverage over Central and Eastern Europe, based upon content included use the offering’s net proceeds to refinance Russia and the Commonwealth of Independent herein. If you do not wish to existing debt and for general corporate purposes. States for DTH , direct-to-cable and contribution receive this newsletter, please feeds to digital terrestrial television networks. send an e-mail to ARABSAT-TELESAT HOSTED PAYLOAD ASTRA 5B also carries the second SES hosted L- [email protected] On March 7, Arab Satellite Communications band payload for the European Commission’s with the word “unsubscribe” in Organization announced its plans to procure 4 the subject line. European Geostationary Navigation Overlay next generation satellites, to include the Hellas- Service (EGNOS), which will provide GPS ATTORNEY ADVERTISING. sat-4 satellite, which will carry a Ku-band hosted signal-verification services across Europe and Prior results do not guarantee payload for lifetime use by Telesat Canada. parts of Africa. Amazonas 4A, manufactured by similar results. Expected to be launched in 2017 and operated at Orbital Sciences Corporation based on its the 39°E orbital position, Hellas-sat-4 will be Geostar 2.4e platform, is equipped with 24 Ku- © 2014 - Milbank, Tweed, equipped with both Ka- and Ku-band Hadley & McCloy LLP. band transponders and will provide audiovisual transponders and will provide coverage of services to users in Latin America from a Europe and the Mediterranean. currently unannounced orbital position.

ORBCOMM STRATEGIC ACQUISITION MHI TO DEVELOP JAPANESE LAUNCHER On March 12, ORBCOMM Inc. (ORBCOMM) On March 25, the Japanese Aerospace announced that it acquired Euroscan Holdings, Exploration Agency (JAXA) announced, B.V., a leading global supplier of refrigerated following an international tender, that it selected transportation temperature monitoring systems, Mitsubishi Heavy Industries, Ltd. (MHI) to for $29m, approximately 90% of which was paid serve as prime contractor for the development of in cash, with the remaining 10% provided in its new flagship launch vehicle. MHI will begin equity. Analysts have noted that the acquisition work on upgrading JAXA’s existing launch supports ORBCOMM’s strategy to add vertical vehicles, the H-IIA and H-IIB, in April of this expertise, technologies and geographic markets year, with the maiden launch of the new launch to strengthen its M2M solutions portfolio. vehicle targeted for 2020.

Milbank.com