- Satellite Evolution
HISPASAT renews and expands line of credit by incorporating sustainability criteria for first time
HISPASAT, Redeia’s satellite communications operator, signed a line of credit “for the amount of 250 million euros” with a group of five financial institutions composed of CaixaBank, acting as the agent bank of the operation and sustainability coordinator, BBVA, Societé Generale, Bankinter and Kutxabank.
This agreement, which extends and expands the current line of credit, makes it possible to adapt the terms and conditions of funding to the ESG (Environmental, Social and Governance) criteria and indicators aligned with Redeia’s policies in this area. It marks a milestone in HISPASAT’s Sustainability Strategic Plan since it is the first ESG Funding undertaken by the company.
The new multi-currency revolving line of credit extends its maturity date to August 2025, with the possibility of extending it on a yearly basis to August 2027. Thus, the company reinforces its liquidity policy and at the same time supports the execution of its 2020-25 Strategic Plan, irrespective of the conditions that financial markets may have in the short and medium term.
Juan Jesús García Chaparro, Economic and Financial Director of HISPASAT, stated that “during these tough times for international markets, the financial sector’s support of HISPASAT is a strong sign of confidence in the strength of the company and its strategic project to move up the satellite services value chain while we firmly commit to sustainability and socially responsible actions within the scope of our activity”.