Eutelsat borrows €300m
October 1, 2012
By Chris Forrester
Eutelsat raised €300 million in a bond due for repayment in 2022. The financing was arranged via Credit Agricole and Societe Generale.
Over the past few days, Eutelsat has enjoyed some favourable analyst comment from the financial community. CitiGroup, for example, rated Eutelsat its ‘Top Pick’ in terms of European satellite players (which includes SES, Intelsat and Inmarsat).
Their September 14th note to investors said that while the industry might be “past the boom times” Eutelsat nevertheless enjoyed market expectations that were at a realistic level. “We welcome management’s increased focus on shareholder returns and the lower capex guidance in light of slower future growth trends. We think good execution over the next two to three quarterly results is key in providing support for the investment case going forward.”