SES completes euro 3 billion acquisition financing syndication
by Riko Seibo
Tokyo, Japan (SPX) Jun 21, 2024

SES S.A. has successfully syndicated a euro 3 billion acquisition financing package to support its earlier agreement to acquire Intelsat S.A. Deutsche Bank AG and Morgan Stanley underwrote a euro 3 billion bridge facility to support SES's financing needs as part of the agreement.

The euro 3 billion bridge facility has now been syndicated with a high level of commitments to an international group of existing and new banks. The package includes a euro 2.1 billion bridge facility and a US$1 billion term loan. The term loan was increased due to strong interest from the bank group.

The bridge facility provides financing certainty and flexibility for bond issuance. It has a 12-month tenor, extendable twice by six months each. The term loan, which has a five-year amortising tenor, offers SES diversified funding sources and flexibility for deleveraging.

SES also extended a euro 1.2 billion revolving credit facility for two years, maintaining a fully committed back-up liquidity facility until June 26, 2028, with a group of 19 banks.

Sandeep Jalan, Chief Financial Officer of SES, stated, "We are delighted to have received overwhelming support of our banking partners in the financing of this important and transformational transaction for SES. The bridge facility provides SES with financing flexibility from a capital markets issuance perspective while the term loan serves as a source of long-term financing."

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