ProtoStar Secures Financing For ProtoStar 2
[Satellite Today – 4-1-08] ProtoStar Ltd. has closed $245 million of debt and equity financing to complete the development and launch of its second satellite, the company announced April 1.
The satellite, ProtoStar 2, is scheduled for launch in early 2009 on an International Launch Services (ILS) Proton rocket.
“This is surely one of the more challenging financings in the satellite sector given the market’s current difficulties, and the fact that we were able to pull this together is a strong endorsement of the market opportunity for ProtoStar,” Philip Father, ProtoStar’s president and CEO, said in a statement. “With a large percent of the funding coming from Asian investors, it reflects the region’s commitment to support the next generation of television services in Asia and the strength of ProtoStar’s business plan.”
ProtoStar 1, which will be equipped with 22 Ku-band and 38 C-band transponders to provide digital direct-to-home services, high-definition TV and broadband Internet to underserved areas in Asia, is scheduled for launch in the second quarter.