Citi and Danske Bank have provided ICEYE with a €300 million three-year committed revolving credit facility. ICEYE announced the facility from Helsinki on 21 May 2026, with Citi and Danske acting as joint global coordinators and mandated lead arrangers.
The committed facility has a three-year tenor with a seven-bank syndicate of Nordic, regional and global relationship banks. Danske said it also acted as issuing bank and as facility and security agent. ICEYE said the revolving credit facility will support the issuance of guarantees for customer contracts, enable continued business growth and serve as a liquidity backstop, and that the bank group's operating footprint is aligned with its expansion into new markets.
The borrower is ICEYE Oy, a Helsinki synthetic aperture radar satellite company.
Krogerus advised ICEYE Oy on the facility, led by Partner Heidi Kivenjuuri with Counsel Lauri Saari and Riina Toivonen-Vuong. The law firm described the transaction as ICEYE's inaugural revolving credit facility and said it is the first time the company has accessed the international loan market. Castrén & Snellman advised the lenders and said it acted for an international bank syndicate, led by Partner Sakari Lukinmaa with Senior Associates Valter Olkkonen and Juhana Hyytinen.
John Lauria, Global Head of Treasury at ICEYE, said: "The RCF origination reflects continued confidence in ICEYE's business and demonstrates our ability to access diverse sources of capital to support rapid global growth. It also enhances our financial flexibility as demand for sovereign intelligence capabilities continues to grow exponentially."
In March ICEYE reported unaudited 2025 results of more than €250 million of revenue, more than €100 million of EBITDA and more than €350 million of cash, with contracted backlog of €1.5 billion and cash from operations of more than €130 million. ICEYE said it doubled in size in 2025, when it scaled revenue, profitability and cash generation together, and expects similar growth in 2026.
In December 2025 ICEYE completed a Series E led by General Catalyst, announced from Helsinki on 5 December. The round comprised €150 million of new equity and a €50 million secondary placement and valued ICEYE at €2.4 billion.