Cesce secures €31m financing from Banco Santander, EBN and ICO for PLD Space’s rocket: Advisors

Spanish space launcher company PLD Space has signed a €31.2 million syndicated loan with Banco Santander, EBN Banco and Instituto de Crédito Oficial (ICO). An operation under the coverage of Cesce’s Strategic Investment Policy and the legal advice of Deloitte Legal and Watson Farley & Williams.

This financing is earmarked for the `Miura 5´ space launcher program, both for its technological development and the expansion of PLD Space’s industrial capabilities, in particular the associated infrastructures. It will also consolidate the company’s corporate growth, which is expected to reach 300 employees by 2024. PLD Space’s objective is to carry out the first launch at the end of 2025 and to start commercial activity in 2026, with the ultimate goal of exceeding 30 launches per year by 2030.

Banco Santander and EBN Banco are acting as co-managing banks for this syndicated loan, in which ICO is also participating. In addition, EBN Banco is acting as agent bank and collateral agent. The financing is underwritten by Cesce, as part of its line of insurance for strategic investments in the aerospace sector.

The operation was signed at the headquarters of the Ministry of Economy, Trade and Enterprise and was presided over by the Secretary of State for Trade, Amparo López Senovilla, who accompanied the representatives of the entities involved in the financing project.

Advisors

Watson Farley and Williams has advised EBN, Banco Santander and ICO with a team formed by Laura Cadenas, WFW’s asset finance partner in Madrid, together with associate Leonor Mingorance from the same department, and Cristina Álvarez.

Laura Cardenas has stated that “it has been a pleasure to advise EBN, Banco Santander and ICO in this pioneering transaction, which is the first financing covered by the new Cesce policy for financing strategic investments in the space sector. We are very proud to be able to contribute to the success of such a relevant and strategic project as the Miura 5 small satellite launcher rocket, which is being developed by PLD Space, one of the most promising companies in the Spanish aerospace sector. It is a unique moment for this sector and we are confident that both PLD Space and other Spanish companies can demonstrate with the support of commercial banks and Cesce their magnificent technological capabilities to compete in Europe and the rest of the world”.

Deloitte Legal has advised aerospace company PLD Space with a team comprising Luis Collado (partner), Carlos Crespo (senior associate) and Jose Manuel Alcayde (associate).

“We are deeply proud to have assisted PLD Space, Europe’s first private aerospace transportation company, in obtaining this syndicated financing. This is undoubtedly a project that will allow PLD Space to continue its transformational commitment and drive forward projects as important as its Miura 5 rocket”, Luis Collado said exclusively to Iberian Lawyer.