Canada-based satellite operator Telesat will raise some C$500 million (€333.5m) in fresh borrowings in order to fund its new fleet of Lightspeed low Earth orbiting satellites.
The cash-raising exercise will happen before the end of April, according to CEO Dan Goldberg. The total cost of the Lightspeed 298 satellite project are reportedly about $5 billion.
Thales Alenia Space is building the system at a cost of some $3 billion, and the first satellites will launch in 2022.
Telesat has been promised incoming finance for the project from the Quebec government (C$400 million) and the Canadian government (C$600 million). Services are scheduled to start in 2023.