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ICO North America Raises $650 Million

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ICO Global Communications (Holdings) Ltd. said Aug. 15 its wholly owned subsidiary ICO North America Inc. raised $650 million in a private placement with institutional investors. ICO North America intends to use the proceeds to fund a substantial portion of its costs to develop an advanced hybrid mobile satellite/terrestrial communications system and related components, to repay indebtedness to ICO Global and to fund interest payments on the notes.

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