European satellite firm Ovzon has refinanced some of its debt.

The company has signed a facilities agreement with Danske Bank as part of a term loan of SEK 300 million ($31.7 million) and a revolving credit facility of another SEK 300m, the latter of which refinances an existing loan to reduce the company’s interest expenses. The arrangement has a tenor of two years with the option of a one-year extension.

“We appreciate the trust and foresight of our new banking partner and would also like to take the opportunity to thank P Capital Partners for enabling the development and launch of our first proprietary satellite, Ovzon 3,” said André Löfgren, CFO of Ovzon, in a statement.

“Ovzon’s strong order intake, solid financial performance, and market outlook have made this refinancing possible. Upon full utilization of the new facilities and repayment of existing loan, interest expenses are estimated to be reduced by approximately SEK 70m ($10.9m) annually.”

The company’s make-or-break 1800kg (3,968 pounds) geostationary Ovzon-3 satellite launched successfully in January 2024, opening the door to many new global market opportunities.

The company has seen a set of deals with the Swedish armed forces, building upon contracts it won last year. Combined, these successes forge a solid path forward for the company as a sovereign satellite and communications company invaluable to Sweden as part of a European community, hastening to onshore its economy, and rearm its military.

In June, Ovzon received a SEK 1.04 billion ($110m) order from the Swedish Defence Materiel Administration (FMV) for 24 months of its integrated satcom-as-a-service solution, including satellite network service, terminals for manned and unmanned missions, and dedicated support, starting in June 2025. The order is both a renewal and an expansion of an existing contract signed on September 6, 2024. One third of the terminals were agreed to be delivered immediately, with the rest to arrive gradually.

“We are honored by the trust that Swedish FMV is placing in us, and we are committed to deliver on our customer promise,” said Per Norén, CEO of Ovzon. “This is Ovzon’s largest order to date—a clear validation that our Swedish technology meets the most critical operational needs. This order allows us to accelerate in scaling our company and become even more relevant in our key markets.”

In July, the FMV made another order for the company’s T7 and P30 mobile satellite terminals valued at SEK 72m ($7.6 million) with deliveries planned to begin in the third quarter of 2025.