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Tag: $2 billion

  • Musk’s SpaceX spends $17 billion to acquire spectrum licenses from EchoStar

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    Elon Musk’s SpaceX has reached a deal worth about $17 billion with EchoStar for spectrum licenses that it will use to beef up its Starlink satellite network.The deal for EchoStar’s AWS-4 and H-block spectrum licenses includes up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock. SpaceX will make approximately $2 billion in cash interest payments on EchoStar debt through November 2027.SpaceX and EchoStar will enter into a long-term commercial agreement which will allow EchoStar’s Boost Mobile subscribers to access SpaceX’s next generation Starlink Direct to Cell service.Shares of EchoStar surged more than 23% before the market opened Monday.Last month AT&T said that it will spend $23 billion to acquire wireless spectrum licenses from EchoStar, a significant expansion of its low- and mid-band coverage networks.EchoStar said that it anticipates that the AT&T deal and the SpaceX transaction will resolve recent inquiries from the Federal Communications Commission about the rollout of 5G technology in the U.S.EchoStar said Monday that it will use the proceeds from the sale partly to pay down debt. Current operations of Dish TV, Sling and Hughes will not be impacted, the company said.

    Elon Musk’s SpaceX has reached a deal worth about $17 billion with EchoStar for spectrum licenses that it will use to beef up its Starlink satellite network.

    The deal for EchoStar’s AWS-4 and H-block spectrum licenses includes up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock. SpaceX will make approximately $2 billion in cash interest payments on EchoStar debt through November 2027.

    SpaceX and EchoStar will enter into a long-term commercial agreement which will allow EchoStar’s Boost Mobile subscribers to access SpaceX’s next generation Starlink Direct to Cell service.

    Shares of EchoStar surged more than 23% before the market opened Monday.

    Last month AT&T said that it will spend $23 billion to acquire wireless spectrum licenses from EchoStar, a significant expansion of its low- and mid-band coverage networks.

    EchoStar said that it anticipates that the AT&T deal and the SpaceX transaction will resolve recent inquiries from the Federal Communications Commission about the rollout of 5G technology in the U.S.

    EchoStar said Monday that it will use the proceeds from the sale partly to pay down debt. Current operations of Dish TV, Sling and Hughes will not be impacted, the company said.

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  • SBI to raise up to $2 billion in FY24 from overseas markets

    SBI to raise up to $2 billion in FY24 from overseas markets

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    The Executive Committee of State Bank of India’s Central Board on Tuesday approved long term fund raising of up to $2 billion in US dollar or any other convertible currency during FY24.

    The fund raising will be in single/multiple tranches under ‘Reg-S/144A’, through a public offer and/or private placement of senior unsecured notes, India’s largest bank said in a regulatory filing.

    According to an article in lexology.com, any offering of securities anywhere in the world must be either registered with the US Securities and Exchange Commission (the SEC) or exempt.

    “The two primary exemptions from such requirements that are most often utilized in international securities offerings are Rule 144A (offers and sales to qualified institutional buyers inside the US) and Regulation S (sales to investors outside the US in offshore transactions). These two exemptions commonly work in tandem,” per the article.

    Meanwhile, the Board of Directors of Bank of India (BoI) on Tuesday approved the raising of capital aggregating up to ₹6,500 crore in FY24 via issue of fresh equity capital and Basel III compliant Tier-2 bonds.

    The bank, in a regulatory filing, said it will raise up to ₹4,500 crore by issue of fresh equity capital.

    The equity capital raise could be in the form of follow-on public offer/qualified institutional placement/rights issue/preferential Issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency).

    It will also issue of Basel III compliant Tier-2 bonds up to ₹2,000 crore.

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