Advanced Television

SES issues €750m Eurobond

June 8, 2022

By Chris Forrester

Satellite operator SES has issued a €750 million Eurobond, with repayment due by 2029. The offer was over-subscribed more than two times. The Bond replaces an existing debt obligation for €750 million due for payment in April 2023.

“As a result of today’s transaction, SES has no senior debt maturities to be refinanced until 2024,” said SES.

At the end of 2023 SES will receive around $3 billion (less tax) in the form of the FCC’s C-band incentive payment.

BNP Paribas, Commerzbank, Goldman Sachs International, JP Morgan, Société Générale and SMBC acted as Joint Bookrunners. The settlement is scheduled for June 14th 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.

Sandeep Jalan, CFO at SES, commented: “We are very pleased to have secured this financing which allows us to further strengthen our liquidity position in an environment of rising interest rates. 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.”

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