Brief: Sats Finalises Funding Plan For Proposed Acquisition Of Worldwide Flight Services

Sats

01/12/2022 09:44

Dec 1 (Reuters) - SATS Ltd  SATS.SI :
    * FINALISED ITS FUNDING PLAN FOR PROPOSED ACQUISITION OF
WORLDWIDE
FLIGHT SERVICES
    * FINALISES S$1.8B FUNDING PLAN FOR PROPOSED WFS ACQUISITION
    * RENOUNCEABLE UNDERWRITTEN RIGHTS ISSUE OF UP TO
APPROXIMATELY
S$800 MILLION, THAT IS EXPECTED TO BE LAUNCHED IN 1Q 2023
    * FUNDING PLAN FOR ACQUISITION COST OF S$1.8 BILLION
STRUCTURED TO
COMPRISE A BALANCED MIX OF TERM LOAN, RENOUNCEABLE UNDERWRITTEN
RIGHTS ISSUE
    * FUNDING PLAN INCLUDES THREE-YEAR EURO DENOMINATED TERM
LOAN
EQUIVALENT TO ABOUT S$700 MILLION FROM SATS' PRINCIPAL BANKERS
    * COMBINED SATS & WFS ENTITY IS EXPECTED TO CAPTURE
MEANINGFUL
RUN-RATE EBITDA SYNERGIES IN EXCESS OF S$100 MILLION
    * DETAILS OF FUNDING PLAN INCLUDE CASH OF S$320 MILLION FROM
SATS'
EXISTING CASH BALANCE

Source text for Eikon:  ID:nSN4Zvq5w 
Further company coverage:  SATS.SI