Loral Gets Change in Loan Maturities
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Loral Space & Communications Ltd., the No. 2 U.S. satellite communications company, said lenders agreed to extend maturities of $1.09 billion in bank loans being used to increase its satellite fleet.
The maturities were extended to January 2005 and their amortization schedules revised, Loral said.
The changes will reduce Loral’s principal payments after its investment in a satellite phone operator soured and sales fell. Loral will launch satellites in late 2002 and early 2003 with help from the loans, Chairman Bernard Schwartz said.
Loral had a third-quarter loss of $52.3 million on sales of $261.1 million, down 11% from a year earlier.
Shares of the New York-based company rose 50 cents to $2.70 on the New York Stock Exchange.
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