- Press Release
- August 10, 2022
Spacehab’s Astrotech closes $20 million financing with Southtrust Bank. September 10, 2001, Washington, D.C.
SPACEHAB, Inc. (NASDAQ/NMS: SPAB), a
leading provider of commercial space services, today announced that its
Astrotech Space Operations subsidiary has completed a $20 million financing
of its satellite processing facility expansion project in Titusville,
Florida. The expanded facility, targeted for completion in October 2001,
will accommodate larger satellites for launch on next-generation Evolved
Expendable Launch Vehicles (EELVs): Lockheed Martin’s Atlas V and Boeing’s
Delta IV. SouthTrust Bank, headquartered in Birmingham, Alabama, is
providing the financing.
Proceeds will further enable early retirement of Astrotech’s remaining $3
million debt to the CIT Group/Equipment Financing, Inc., and replacement of
a portion of SPACEHAB’s working capital now invested in the facility.
Astrotech’s long-term contracts with Boeing and Lockheed Martin to process
satellites for launch from Florida now represent $85.3 million in guaranteed
minimum revenue for the company through 2010.
Astrotech supports final launch site testing, propellant loading,
encapsulation, and launch countdown operations for satellites at
company-owned facilities in Titusville and at Vandenberg Air Force Base in
California, and at Boeing Sea Launch facilities in California. It has
processed more than 100 payloads to date at the Florida facility.
Astrotech’s expansion project will increase its Florida processing
facilities by 75 percent, from 90,000 to 160,000 square feet, encompassing
over 62 acres. New and unique processing and encapsulation bays at this site
will enable simultaneous processing of multiple satellites.
The newly expanded facility will accommodate satellites that are increasing
in size from four to five meters in diameter and from 6,000 to more than
10,000 pounds (payload fairings are increasing from 37 to 75 feet in
length). The expanded facility will be the only satellite processing complex
at Kennedy Space Center/Cape Canaveral Air Force Station specifically
designed to accommodate five-meter payload fairings for Atlas V and Delta IV
missions. “With our expansion complete, we anticipate that our payload
processing rate could increase from our average of eight per year over the
past 10 years to more than 15 per year,” said Astrotech Senior Vice
President and General Manager John B. Satrom.
Since its establishment in 1981, Astrotech has been at the forefront of the
commercial space industry. SPACEHAB acquired the company in 1997.
Founded in 1984, with more than $100 million in annual revenue, SPACEHAB,
Inc., is a leading provider of commercial space services. The company
develops, owns, and operates habitat and laboratory modules and cargo
carriers flown aboard NASA’s Space Shuttles. Its Johnson Engineering
subsidiary supports astronaut training and space station configuration
management at NASA’s Johnson Space Center in Houston and builds space-flight
trainers and mockups. SPACEHAB’s Astrotech subsidiary provides commercial
satellite processing services at facilities in California and Florida.
SPACEHAB’s newest strategic growth initiative, SPACEHAB Huntsville, will
provide customer-focused end-to-end services to the space research community
at NASA’s Marshall Space Flight Center in Huntsville, Alabama. SPACEHAB
subsidiary Space Media, Inc.T, brings space into homes and classrooms
worldwide via interactive education programs through STARS Academy
(www.starsacademy.com), and space merchandise from The Space Store
This release contains forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those projected in such statements. Such risks and uncertainties
include, but are not limited to, whether the company will fully realize the
economic benefits under its NASA and other customer contracts, the timing
and mix of Space Shuttle missions, the successful development and
commercialization of new space assets, technological difficulties, product
demand, timing of new contracts, launches and business, market acceptance
risks, the effect of economic conditions, uncertainty in government funding,
the impact of competition, and other risks detailed in the Company’s
Securities and Exchange Commission filings.
For more information, contact:
Director of Communications
SPACEHAB, Inc. – Washington Office
Phone 202/488-3500 x. 201