Export Development Canada

Export Development Canada

September 15, 2014 00:01 ET

EDC Provides Hispasat with Euro 123 M to Purchase a Satellite from Vancouver's MDA

OTTAWA, ONTARIO--(Marketwired - Sept. 15, 2014) - Export Development Canada (EDC) today announced financing of Euro 123 M to Hispasat, a Spanish satellite telecommunications operator, for the construction of a satellite by Canada's MacDonald, Dettwiler and Associates Ltd (MDA), and its SSL subsidiary.

Companies like Hispasat looking to purchase goods from Canadian suppliers often require reliable financing. EDC can provide the customers of Canadian companies with flexible financial solutions to make it easier for Canadian companies to conclude their sales and deepen their relationships with their foreign customers.

"Repeat business is essential to companies in the satellite telecommunications industry, "said Carl Burlock, Senior Vice-President, Financing and Investments, EDC. "EDC's focus was to provide Hispasat with competitive financing critical to building a stronger relationship with MDA and SSL, ultimately encouraging growth in Canada's high-tech sector."

The Hispasat 1F satellite, with a multi-mission payload, will give the operator additional Ku band capacity in the Andean region and in Brazil, expand its transatlantic capacity and add Ka band capacity with European coverage, in order to enable Hispasat to continue expanding its broadband service offer in the region. The satellite will be delivered by SSL, a subsidiary of MDA, and will be the third satellite SSL constructs for Hispasat. Since acquiring SSL, MDA has grown to be a leader in the satellite communication and information services industry.

A key piece of Canada's high-tech sector, MDA has offices across Canada including Richmond, Brampton, Ottawa, Montreal, and Dartmouth; they employ more than 4,800 people around the world.

Being awarded this contract will allow MDA to continue to bring high quality research and development to the industry, encourage growth of its business, and ultimately bring more business to Canadian companies in its supply chain.

"Hispasat is an industry leader, and an important customer for MDA to be aligned with," says William McCombe, Senior Vice President, Strategy and Finance, MDA. "Competitive, long term financing from EDC provided stability and confidence in our contract. The end result is that we will be able to provide a new leading edge communications satellite in a very important market, and garner more visibility across the industry," added McCombe.

"MDA is a successful Canadian global supplier of satellites and a leader in their industry," said Burlock "EDC is looking forward to financing more opportunities for MDA's global supply chain and satellite telecommunications around the world."

About SSL

SSL, a subsidiary of MDA, has a long history of delivering reliable satellites and spacecraft systems for commercial and government customers around the world. As a leading provider of commercial satellites, the company works closely with satellite operators to provide spacecraft for a broad range of services including television and radio distribution, digital audio radio, broadband Internet, mobile communications, and Earth observation. Billions of people around the world depend on SSL satellites every day. For more information, visit www.sslmda.com.

About MDA

MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide. MDA's business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.

MDA's established global customer base is served by more than 4,800 employees operating from 11 locations in the United States, Canada, and internationally.

The Company's common shares trade on the Toronto Stock Exchange under the symbol "MDA."

About HISPASAT Group

HISPASAT Group is composed of companies with a foothold in Spain as well as in Latin America, where its Brazilian affiliate HISPAMAR sells its services. The Group is a world leader in the distribution and broadcasting of Spanish and Portuguese content, and its satellite fleet is used by important direct-to-home television (DTH) and high-definition television (HDTV) digital platforms. HISPASAT is one of the world's largest companies in terms of revenue in its sector, and the main communications bridge between Europe and the Americas.

About EDC

EDC is Canada's export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private- and public- sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.

For more information about how EDC can help your company, visit www.edc.ca.

Contact Information

  • Spokesperson
    Phil Taylor
    Export Development Canada
    (613) 598-2904