SES places $500m Euro-bond
October 17, 2013
Satellite operator SES has borrowed €500 million by way of a 5 year bond. Proceeds will be used to pay down existing debt. The borrowing, at 1.875 per cent, is the lowest-ever charge in the company’s history, which reflect both the current state of the debt market and also confidence in SES.
SES said “The transaction generated strong interest among over 200 investors, which contributed to an order book in the area of €3 billion. The offering was placed with the highly reputable investors with asset managers representing 77 per cent while banks and private banks took 14 per cent. Geographically, Germany/Austria, France and the UK/Ireland were the leading investors, with 29 per cent, 22 per cent and 22 per cent respectively, whilst Benelux and Switzerland took 15 per cent and 6 per cent respectively.”
Padraig McCarthy, CFO at SES, commented: ”We are pleased to have secured this financing, which further strengthens our liquidity profile. The successful conclusion of this bond offering reflects the market’s view of SES as a strong investment grade credit, and underlines our ability to secure funding on attractive terms”.