SES Successfully Prices EUR 1 Billion Hybrid Dual-tranche Bond Offering
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE UNITED STATES), OR TO ANY US PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933), OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
SES S.A. announced the successful launch and pricing of a hybrid dual-tranche bond offering in which it has agreed to sell Deeply Subordinated Fixed Rate Resettable Securities for a total amount of EUR 1 billion.
The transaction is composed of a EUR 500 million 30-year Non-Call (NC) 5.25-year tranche with a first reset date on 12 December 2029 and a EUR 500 million 30-year NC 8-year tranche with a first reset date on 12 September 2032. The NC 5.25-year notes will bear a coupon of 5.5% per annum and were priced at 99.473% of their nominal value while the NC 8-year notes will bear a coupon of 6% per annum and were priced at par.
The successful outcome was the result of strong investor engagement and demand as evidenced by a sizeable order book which peaked above EUR 4 billion in total and allowed SES to price the notes competitively on both tranches.
The instrument’s credit ratings are expected to be Ba2 and BB+ with Moody’s and Fitch respectively and will also rank pari-passu with SES outstanding EUR 625 million Deeply Subordinated Fixed Rate Resettable Securities, with a first reset date on 27 August 2026. The new hybrid bonds issued by SES are non-dilutive instruments that are expected to receive 50% equity credit by both rating agencies and be classified as financial liabilities under IFRS.
The settlement is scheduled for 12 September 2024 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.
Proceeds of the issuance will be used for general corporate purposes, including financing the acquisition of Intelsat and/or refinancing any existing indebtedness of the Group.
Sandeep Jalan, Chief Financial Officer of SES, commented, “We are pleased to have secured this new hybrid offering. The success of this transaction demonstrates investors' confidence in SES’s investment grade credit and strong cash-generation profile.”
Deutsche Bank and Morgan Stanley acted as Global Coordinators, together with BNP Paribas, Citi, HSBC and SMBC as Joint Bookrunners.
Follow us on:
Twitter | Facebook | YouTube | LinkedIn | Instagram
About SES
SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous orbit fleet and medium earth orbit (GEO-MEO) constellation of satellites, offering a combination of global coverage and high performance services. By using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20240905028456/en/
Contacts
Richard Whiteing
Richard Whiteing
Investor Relations
Tel. +352 710 725 261
richard.whiteing@ses.com
Suzanne Ong
Communications
Tel. +352 710 725 500
suzanne.ong@ses.com
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Philip Morris International Opens Dialogue on the Future of Human Cognition as a Defining Frontier in the Age of AI20.1.2026 11:03:00 CET | Press release
The paper calls for global debate to ensure AI enhances—rather than diminishes—uniquely human strengths in an increasingly automated world Philip Morris International Inc. (NYSE: PM) today released a new white paper, “Human Cognition: The Next Frontier?”, inviting leaders across business, policy, and academia to join a global conversation on the evolving role of human cognition as artificial intelligence transforms work, society, and the economy. The white paper explores how human capabilities such as - critical thinking, creativity and adaptability - are poised to become the “superskill” of the future, driving progress in an era of human-machine collaboration. As AI automates routine tasks and augments knowledge work, PMI argues that nurturing and protecting cognitive capacity will be essential for organizations seeking to remain resilient and relevant. Where once technology often automated labor-intensive jobs in the quest to improve productivity, now, as intelligent systems take on
Greenland Resources Signs MOU With German GMH Gruppe for Molybdenum Supply20.1.2026 04:19:00 CET | Press release
Greenland Resources Inc. (TSX:MOLY, FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that as a follow up to its December 3, 2025 press release where the European Commission presented RESourceEU, and mentioned the Company’s Malmbjerg project in Greenland as a priority EU project, the Company has signed a memorandum of understanding (“MOU”) for long term molybdenum supply with GMH Gruppe SE & Co. KG, (GMH), a leading European producer and processor of steel long products, special bar quality, tool steels, forgings and castings. GMH is a pioneer in sustainable steel production using electric arc furnaces based on scrap recycling thus generating 80 percent fewer CO2 emissions than conventionally produced steel. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260119648070/en/ The MOU sets the path for a long-term supply agreement covering ferro-molybdenum, molybdenum-oxide and briquettes produced from moly
Doha Debates Reflects on a Landmark Year of Global Dialogue and Youth Engagement19.1.2026 17:02:00 CET | Press release
In 2026, Doha Debates addresses the world’s most pressing questions through global dialogue that engages diverse audiences, including youth In 2025, Qatar Foundation’s Doha Debates strengthened its role as a global platform for truth-seeking dialogue, bringing students and leading thinkers together to explore ideas shaping today’s most urgent questions––from freedom and justice to identity and belonging. Its reach continued to grow, surpassing 13.8 million video views and engaging nearly seven million followers across social platforms, including more than one million YouTube subscribers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260119796451/en/ In 2026, Doha Debates addresses the world’s most pressing questions through global dialogue that engages diverse audiences, including youth. (Photo: AETOSWire) A major milestone came with season four of The Negotiators, which earned international recognition, winning the Folio A
Evernote Releases v11, Marking a New Chapter in AI-Powered Productivity19.1.2026 17:00:00 CET | Press release
Evernote today announced the release of v11, its first major product update in five years. The new version includes three powerful AI features—AI Assistant, Semantic Search, and AI Meeting Notes—creating smarter ways to capture, retrieve, and manage information in Evernote. With the release of v11, these features are now available to all Evernote customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260119103272/en/ Two years of work culminating in a major update V11 is a recognition of Evernote’s evolution under Bending Spoons’ stewardship. Since 2024, Evernote has released more than 250 new features and improvements while also greatly enhancing sync, speed, and reliability. With v11, Evernote ushers in an exciting new phase of development and innovation, bringing customers novel ways to engage with their preferred productivity tool. “Evernote has been part of people’s lives for years, often decades. They’ve always insp
Esmark Expands Global Sports Commitment With Sponsorship of Slovakian Professional Hockey Team19.1.2026 14:00:00 CET | Press release
Sponsorship unites local talent and gives the people of Košice a team of their own Esmark Sports Management and Entertainment, a wholly owned subsidiary of Esmark Inc., announced today it is the team sponsor and co-owner of a newly established professional hockey team in Košice, Slovakia. This partnership underscores Esmark’s commitment to supporting sports development and strengthening community connections through the unifying power of athletics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260119104207/en/ Esmark Sports Management and Entertainment, a wholly owned subsidiary of Esmark Inc., is the team sponsor and co-owner of a newly established professional hockey team in Košice, Slovakia. The Hockey Club Esmark Košice team began competing in the 2HL division of professional ice hockey in Slovakia in the 2025-2026 season. The roster features players from Košice who have been competing for clubs across Slovakia. “The cr
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom