Universal Space Network Closes Financing Agreement
[Satellite Today – 2-11-08] Universal Space Network Inc. has raised $18 million that will be used to expand the company’s ground station network, the company announced Feb. 11.
The funds, which consists of a $13 million equity financing round and a $5 million debt facility, will be used to facilitate continued growth in the telemetry, tracking and control business sector as well as add additional S- and X-band antenna systems in Hawaii and Australia.
“The completion of this financing round and associated acquisition will help our company continue on its aggressive growth plan,” Bruce McCaw, the company’s founding director, in a statement. “… From a financial perspective, we are particularly pleased with the long-term nature of our [telemetry, tracking and control] services contracts, which provide a strong foundation of recurring cash flows for continued growth.”
The equity round was completed with existing shareholders led by Warburg Pincus, Swedish Space Corp. and Pistol Creek. In addition, Frost Group LLC and Cycad Group LLC increased their ownership positions in Universal Space Network.