New Skies to launch $540 million credit facility

By Sara Rosenberg

New York, Oct. 4 - New Skies Satellites NV is scheduled to hold a bank meeting for its proposed $540 million credit facility during the week of Oct. 11, not on Oct. 4 as was previously reported, according to a market source.

"I think they just threw that date out there," the source said about the Oct. 4 talk. "I don't think that was ever really official."

Deutsche Bank and ABN Amro are the lead banks on the credit facility, with Deutsche listed on the left.

The source said no other details on the structure of the facility are available at this time.

Proceeds from the loan, combined with proceeds from a proposed $295 million bond deal, will be used to help fund The Blackstone Group's acquisition of New Skies for $956 million in cash. Equity will also be used to help finance the transaction, according to the acquisition agreement filed on New Skies' web site.

New Skies is a Hague, Netherlands-based fixed satellite communications company.

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