Advanced Television

SES borrows €150m at “lowest-ever rate”

June 23, 2021

By Chris Forrester

Satellite operator SES has borrowed €150 million by way of new 1.625 per cent Notes.

While the sum involved is modest by usual standards, CFO Sandeep Jalan says it further strengthens the operator’s liquidity and “at the lowest yield ever achieved by SES. The successful conclusion of this bond offering reflects the market’s view of SES as a strong investment grade credit and underlines the ability of SES to secure funding at attractive terms.”

The sum is due to be repaid on March 22nd 2026. The new notes were priced at 106.665 per cent of their nominal value representing a credit spread of 47bps and a yield-to-maturity of 0.207 per cent. SES is rated Baa2 by Moody’s (with negative outlook) and BBB- by Standard & Poor’s (with stable outlook).

Proceeds of the issuance will be used for general corporate purposes.

BBVA, Deutsche Bank and IMI Intesa Sanpaolo acted as Joint Bookrunners. The settlement is scheduled for June 29th and application has been made for the notes to be listed on the Luxembourg Stock Exchange. The securities were placed with a broad range of institutional investors across Europe.

Categories: Articles, Business, Funding

Tags: ,