Paradigm reaches agreement with UK MOD on Skynet 5 terms
Paris, 16 June 2003
Paradigm Secure Communications (PSO), a company wholly owned by EADS, announces it has reached agreement with the MOD in relation to the terms and conditions of the Skynet 5 programme and service provision to MOD commenced on 30th May 2003.
PSC further announces that the three Mandated Lead Arrangers have now confirmed credit approval to proceed with the first round of banking syndication in support of this project under the Private Finance Initiative which will be implemented immediately by BNP-Paribas, CIBO and HSBC.
The Skynet 5 programme entails PSC delivering secure global military satellite communications to the UK armed forces in the form of a service provision contract worth approximately £2 billion over two decades.
Point of contact:
Mary Walmsley +44 14387744 19
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