RSCC has fully met its obligations under the loan agreements to finance the building of Express-AT1, Express-AT2 and Express-AM8 communications and broadcasting satellites. The master agreement with the winner of the public auction of Gazprombank OAO, of which credit agreements are a part, was concluded in May 2011. The document provided for the opening of two non-revolving credit lines in the amount of 4.46 billion rubles and 100 million euros.
The funds raised were used to cover the cost of supplying satellite communications payloads for the three Express-AT1, -AT2, and -AM8 spacecrafts, including design, development, manufacture and deployment of these satellites in orbit, as well as the insurance premium of the Coface export credit agency.
Financing the purchase of communication payloads was implemented according to a financing scheme which is new for the Company in that funds were obtained from a foreign bank with Coface coverage. The selected solution allowed RSCC to use borrowed funds in foreign currency on the conditions most favorable to the enterprise.
The construction of satellites was carried out by JSC ISS Reshetnev Company as regards design, development, manufacturing and orbital deployment, and Thales Alenia Space France as regards delivery of satellite communications payloads.
The Express-AT1, -AT2, and -AM8 satellites were built as part of implementing a large-scale Program of the satellite constellation renewal in 2009-2015. Under this program, a total of seven new spacecraft were built and orbited on orders of the RSCC, including Express-AM5, -AM6, -AM7, -AM8, -AT1, -AT2, and -AMU1. The Express-AT1 / -AT2 and Express-AM8 spacecraft were launched in March 2014 and in September 2015, respectively.
The Company has almost completely replaced its space fleet, the effort resulting in more than doubling the capacity of the Russian state-owned satellite orbital constellation.