Space Communication Hits 10-Year Low After SpaceX Explosion
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Israel-based satellite operator Space Communication Ltd. saw a third of its value evaporate after its communications satellite was destroyed in the SpaceX launcher fire.
Shares of the Ramat Gan, Israel-based satellite operator were down 33 percent at 26.29 shekels at the close in Tel Aviv, its lowest level since September 2006, erasing all the stock’s gains this year. The yield on the company’s 6.35 percent bonds due June 2023 soared 167 basis points to 7.47 percent, the highest since the debt was issued in October. The explosion has raised questions about the fate of the company’s planned sale to a Chinese investor.