Senior secured financing and subordinated loan for Ovzon AB

Carnegie financial adviser to Ovzon in USD 60m and SEK 200m financing for their first own satellite.

Ovzon AB (Publ) today announced that they have signed a USD 60 million senior secured financing and a SEK 200 million subordinated loan. The senior secured financing, provided by Proventus, has a tenor of up to six years at an interest rate of USD 3m LIBOR + 10%. The loan denominated in SEK has a tenor of up to six and a half years with an interest rate of 10%, and further entails up to 2,000,000 warrants with a tenor of up to five years and strike price of SEK 100. The senior secured loan includes customary covenants and undertakings for project financing.

The proceeds will, jointly with the proceeds from the SEK 750 million rights issue in January 2019, be used to finance the purchase of the company’s first own satellite, Ovzon 3.

Carnegie acted as sole financial adviser in the transaction.

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