Covering fixed, wireless, cable and satellite infrastructure in the global telecommunications market


Case study: Azercosmos

Portland Advisers acted as lead financial advisor to Azercosmos, the wholly-owned satellite operator of the Government of Azerbaijan, for its $214 million debt financing for a geostationary communications satellite (“Azerspace-1”) over the Middle East and Africa.

The financing took the form two parallel ECA-guaranteed loans – $116m guaranteed by US Eximbank and funded by BNP Paribas and $98m guaranteed by COFACE, arranged by Societe Generale and funded by SMBC. The deals closed in late 2011, and the satellite has now been successfully launched and become operational.

Nick Flitterman and his team were responsible for carrying out the following:

  • Review of all available company information, contractual structure and business plan
  • Preparation of funders Financial Model
  • Analysis of financing options, recommendation of preferred structure
  • Engagement and management of lender’s advisors
  • Preparation of full Information Package for financial institutions and ECAs
  • Preparation of detailed term sheet with lenders and Azercosmos legal advisors
  • Management of bank funding competition to select lead Underwriters/Arrangers
  • Assistance with securing Ministerial approvals and government guarantees
  • Assistance with ECA approval process (COFACE and EXIM)
  • Assistance with negotiation of loan documentation up to signing
  • Assistance to Azercosmos to satisfy conditions precedents to Financial Close.