Allen and Overy has reached a financial close with Mubadala Development Co. and Al Yah Satellite Communications Co. (Yahsat) on the Yahsat satellite project, Allen and Overy announced. The $1.8 billion project now has $1.2 billion in senior debt financing.
    The project includes the two hybrid communications satellites (Yahsat 1A and Yahsat 1B) for commercial and government applications under a 15-year concession in the United Arab Emirates. Both satellites will be owned by Yahsat, which will implement the project through two wholly owned operational subsidiaries — Al Yah Advanced Satellite Communications Services and Star Satellite Communications.
    Star will use its leased capacity to provide commercial customers with a range of services, including broadcasting services, Internet and broadband, corporate data networks and backhauling services to telecom operators through its YahLink service as well as space and ground communications for other clients throughout the Middle East, Africa, Europe and Southwest Asia.