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Eutelsat on June 16th refinanced a €500 million 5-year Eurobond, at 1.125 percent interest, due for repayment in June 2021. The bond replaces an existing unsecured loan that was due for repayment in March 2017.
As a result of the replacement financing Eutelsat says it will save some €30 million per annum (before tax) in long-term financing charges from March 2017 onwards. Eutelsat says that its offer to the market was “significantly over-subscribed”.
This cash, together with other sources of cash on its balance sheet, will enable Eutelsat to redeem at maturity the outstanding Bonds issued on March 26th 2010 for a total principal amount of €850 million, bearing interest on its principal amount at a fixed rate of 4.125 per cent.