Gilbert + Tobin (G+T) has assisted leading alternative asset manager H.R.L. Morrison & Co (MCo) in a mezzanine facility advanced by one of MCo’s managed clients to assist Singapore’s Kacific Broadband Satellites Group (Kacific) to fund the design, manufacture and launch of Kacific-1 - Kacific’s first satellite which launched on SpaceX’s Falcon 9 rocket on 17 December 2019.
Kacific-1 will provide internet connectivity across more than 25 Asia-Pacific countries (mostly in developing nations where fiber optics cables are challenging to install).
Kacific’s overall financing package comprised US$160 million long-term credit facilities from a group of Asian and European financiers (including the Asian Development Bank) with warrant options issued. The transaction also involved complex structuring and intercreditor arrangements with the senior financiers.
The G+T team was led by Banking + Infrastructure partner Robert Trowbridge, supported by lawyer James Frixou, consultant Mark Nichol and lawyer Amanda Atkins.
Robert Trowbridge and James Frixou said, “We are proud to have been involved in the first satellite launch and financing for Kacific-1 which will bring fast and affordable internet services to millions living in remote communities in the Asia-Pacific region.”
This deal underpins G+T’s position as a leader advising on the most complex cross-border / structured finance transactions in Australia and Asia Pacific.
Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2020.