Travers Smith has acted as English law counsel to the lenders on an approximately €1 billion financing for Eutelsat, a world leader in satellite communications. The financing is being provided in connection with an order of 340 Low Earth Orbit (LEO) satellites by OneWeb, specialising in high-speed internet services.
The financing will be provided by a consortium of banks and will benefit from a guarantee granted by the French Treasury through the French export credit agency, Bpifrance Assurance Export.
This landmark transaction underscores the strategic importance of satellite communications infrastructure and the continued investment in LEO technology to expand global connectivity. The cross-border nature of the financing - involving English and French law elements, export credit agency support, and a major international consortium of lenders - reflects the complexity and scale of the deal. This transaction showcases Travers Smith's continued expertise in cross border debt finance, supporting clients at the forefront of the space and telecommunications sectors.
Infrastructure Finance Partner Ryan Ayrton commented: "This transaction highlights the critical role that sophisticated financing structures play in enabling the next generation of infrastructure investment. The rapid expansion of LEO satellite technology is reshaping global connectivity, and it is a privilege to advise lenders on transactions that are helping to make that a reality."
The Travers Smith team was led by Infrastructure Finance Partner Ryan Ayrton, with support from Associate Connor Smith and Trainee Solicitor Michaella Demetriou. Travers Smith advised alongside leading French law firm De Pardieu Brocas Maffei, which acted as lead French law counsel to the arrangers and the lenders on the transaction, led by Projects Partner Jean-Renaud Cazali, with support from Counsel Frank Bauermann and Associate Raphael Fabris-Davet.
