APT Satellite Further Lowers Gearing
Repays the Second US$25 Million Bank Loan

22 February 1999

(Hong Kong) APT Satellite Holdings Limited (the "Group") (stock code: 1045 or ATS) announced that it has repaid another US$25 million to a bank syndication on 5 February as scheduled. This was the last of two equal installments of a US$50 million term-loan facility (the "Facility"). As a result, the debt ratio of the Group has further decreased to about 31% from 37% at the end of 1998.

This lower debt ratio not only reduced the Group’s gearing, but has also strengthened its financial structure. The repayment brought down the Group’s interest-bearing debt to an even lower level, further reducing its interest expenses.

The Facility, arranged by NatWest Markets, was raised primarily to finance the launch insurance premium of APSTAR-IIR, the third satellite of the Group, which was successfully launched in October 1997. The interest rate was based on LIBOR plus 45 basis points. The Facility was for a term of 18 months and repayable in two equal installments which were repaid by the Group in August 1998 and February 1999 as scheduled.


For enquiry, please contact:

Brian LO APT Satellite Holdings Limited Tel: (852) 2526 2281 Fax: (852) 2522 0419 Email: aptir@apstar.com Web-site: www.apstar.com	Raymond Siu/Dorothy Chu Keith Statham Associates Limited Tel: (852) 2810 8108 Fax: (852) 2868 4116 Email: raymonds@ksa.com.hk           Dorothy@ksa.com.hk