The UK Ministry of Defence completed the £1.34 billion ($2.35 billion) refinancing of the Skynet 5 private finance initiative programme. The deal restructures the original 2003 project and removes insurance risk by producing a reserve satellite. Freshfields, led by partner Nick Bliss, acted for defence contractor EADS and subsidiary Paradigm. Allen & Overy advised Citigroup and Goldman Sachs as joint lead managers, as well as Dexia as co-lead manager. The A&O team was jointly led by securitization partner David Krischer and project finance partner David Lee. Lovells acted for contractor EADS Astrium on the deal and Burges Salmon represented the MoD.
February 01 2006