By Shlomi Golobinski (MARKER
(
After a delay of several months and many changes in the structure of the offering, Amora
Finally, this week to go on the path of issuing bonds of the H.L.L. Communications Company
satellites The company will operate the Amos 2 communications satellite, which should be
Launched into space in 2002. The IPO structure is not yet finally closed, when
In the tender that will be held on Wednesday, the investors are supposed to choose one of two
alternatives.
Alternative A includes 324 bonds and 3 options, with the proceeds of the mobilization
The immediate amount is NIS 69.7 million. Alternative B includes 424 bonds
Debt and 2 options, and for the immediate raising climbs to 91.6 million
NIS.
If the warrants issued by H.L. for bonds are exercised, you will raise
The company has another NIS 68.5 million in the first alternative and NIS 45.6 million
According to the second alternative. In addition, if the underwriters exercise the options given
For them, on the eve of the offering, the company can raise another 11.6 million shekels. You
The issuance is led by the underwriting companies of IBA and Leumi Co.
The shareholders of HLL are the Aerospace Industry (24%); Eurocom
(24%); The General Company for Satellite Services (24%), whose shareholders
Its main ones are Meir Amit, Hezi Carmel, Ligad (recommendations, notices
, quote/news) and Yair Roteloi; and M.M. Leviin Company (24%),
under your control
Haim Mar (controlling owner of H.Mer Industries) and M.T.Y Antennas company. CEO
H.L.L., David Polak, personally owns 4% of the company's shares.
In the past, H.L.L. was supposed to issue shares, options
and convertible bonds, and raise an amount of NIS 220 million, however the weakness
In the capital markets and the primary market, the partnership was required to raise capital by way of
Selling
Bonds at a discount. The bonds to be issued by H.L.L. will be phased
The first is an annual interest rate of LIBOR%+5.25 which will decrease as it progresses
The satellite project and its launch into space. Just for comparison it can be noted that
in the issuance of the convertible bond
which were carried out by Combers (quote/news, recommendations, messages) and Teva
(quote/news, recommendations, announcements) Abroad, the interest rate was determined in the issuance of
Libor %.+1.5%-1
H.L.L intends to designate the entire net issue proceeds for payments to the industry
The Air Force to finance part of the cost of purchasing the Amos communication satellite, 2 shekels
Its construction and launch is estimated at 130 million dollars.
A commitment by YES and an agreement with the Israeli government
Amos 2 is supposed to be the younger brother of Amos 1, a communications satellite that was launched
to space in May 1996, and Sh.L.L is engaged in marketing its capacity in Aluma
the Israeli and the European beam. A beam is an assembly of antennas
installed in the satellite and the ground area covered by it, which allows contact
Direct communication from the transmitting ground station to the satellite and back from it to my site
Continental customers
certain (Europe, Israel, etc.).
Amos 2 is produced on the basis of the platform of Amos 1 with the addition of adjustments
and technological improvements, so that its production does not involve conducting research and development.
The duration of the service period of Amos 2 should be 11 years, depending on the quantity
The fuel used to stabilize it and keep it in place.
The satellite will have 3 beams, the first towards the Middle East, the second
Towards Central and Eastern Europe, and the third towards the eastern coast of
U.S. The bandwidth of the satellite capacity in Amos 2 is 792 MHz,
And it consists of 22 space segments (frequency bands with a ribbon width of 36 MHz)
Compared to 14 space segments in a loaded satellite. 1
The main factor in the demand for satellite communication services is the need for infrastructure
Broadband communication for the provision of multi-channel television services (DBS)
for fast internet and multimedia. Indeed, the full occupancy we enjoy today
The Amos 1 satellite results primarily from the leasing of space segments to YES
The satellite television operator in Israel.
YES has committed to lease 6 segments of space, in addition to those it has already leased
In Amos 1. The Israeli government has also already signed an agreement according to which it will lease 4
Space segments in Amos 2. Also, contracts have already been signed with the Broadcasting Authority
To transfer transmissions from Amos 1 to Amos 2 to the extent that it cannot accommodate
them. A similar agreement was also signed with METV, operator of the Middle East channel.
A total of 11.9 segments of space in Amos 2 have been leased so far, representing 54%
from its rental capacity. The revenue from the leased space segments should yield
Annual revenues of 24 million dollars. Also, H. L. L. is conducting negotiations with
The Second Authority for Television and Radio in Israel to lease a segment of space for
The second commercial channel.
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