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
ClickUp 4.0's Craft & Quality is Available Today, Maximizing Human Productivity10.12.2025 19:26:00 CET | Press release
Hand-crafted to deliver the most polished, powerful ClickUp experience ever created ClickUp today announced the launch of ClickUp 4.0, a groundbreaking release designed to end the chaos of work sprawl and usher in a new era of work. With a bold vision for the convergence of software, people, and AI, ClickUp 4.0 delivers a suite of powerful new features that empower teams to do their best work in one converged workspace. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251210712132/en/ A new era of ClickUp For years, organizations have struggled with fragmented workflows, siloed tools, and the constant friction of context switching. ClickUp 4.0 is the answer: a single, beautifully crafted workspace that brings together tasks, docs, goals, chat, and AI-powered automation. The result is a platform that not only saves time but also sparks creativity and collaboration at every level. “Software is converging - we always knew it woul
United First Partners Serves as Introducing Broker on Mayflower IPO, a UK Listed Acquisition Vehicle and Among the Largest Primary New Issues in London in 2025, Highlighting UFP’s Increasing Presence Across ECM10.12.2025 18:42:00 CET | Press release
United First Partners (“UFP”) is pleased to announce its role as Introducing Broker on Mayflower Acquisition Limited (“Mayflower”), which completed its IPO today, raising USD 500 million. The size of the capital raised places Mayflower among the largest London acquisition vehicles of recent years. The offering represents an important development for UFP’s expanding capital markets platform and reflects the firm’s increasing activity within Equity Capital Markets (ECM). About Mayflower Acquisition Limited Mayflower is a UK Listed Acquisition Vehicle, sponsored by TOMS Capital and JRJ Group, incorporated to unlock exits across a closely-held company universe, including long-held private equity assets and large family-owned businesses. Mayflower’s structure provides guaranteed capital to asset owners, offering a flexible liquidity solution and higher potential for transaction success, and highly aligned economics to investors, with a significant Sponsor commitment of USD 75m. Mayflower wa
Abu Dhabi Launches FIDA Cluster to Shape the Next Generation of Financial and Investment Solutions10.12.2025 18:21:00 CET | Press release
Abu Dhabi has launched the FinTech, Insurance, Digital and Alternative Assets (FIDA) cluster to accelerate the development of next-generation financial and investment solutions and expand the emirate’s role as a global capital hub. Spearheaded by the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Investment Office (ADIO), the cluster is a core pillar of Abu Dhabi’s long-term economic diversification agenda. By 2045, FIDA is projected to contribute an additional USD 15.2 billion to Abu Dhabi’s direct GDP, generate 8,000 skilled jobs and attract at least USD 4.6 billion in investment, cementing the emirate’s position as a destination for innovative and resilient financial systems. FIDA brings together high-growth areas where technology, regulation and capital intersect, including fintech, digital assets, insurance, reinsurance and alternative investments. It aims to position Abu Dhabi as a preferred jurisdiction for global firms seeking to design, test and scale n
Xsolla Celebrates a Week of Industry Programming at The Game Awards With a New Brand Launch, Day of the Devs Participation, and GamesBeat Hollywood & Games 2025 Partnership10.12.2025 18:00:00 CET | Press release
Coordinated Initiatives Highlight Xsolla’s Commitment to Building All The Things to Support Global Game Commerce and Creative Innovation for the Video Game Industry Xsolla, a leading global video game commerce company that helps developers launch, grow, and monetize their games, today announced a unified lineup of programming during The Game Awards week in Los Angeles. Together, these initiatives showcase Xsolla’s commitment to bringing the community and ecosystem together to support creators, strengthen the relationship between games and their players, and enable games to reach more markets around the world. The week of activities includes its partnership with GamesBeat Hollywood & Games 2025, a featured role during Day of the Devs: The Game Awards Digital Showcase, Games for Love’s The Game Gala, and the unveiling of Xsolla’s refreshed brand identity. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251210688609/en/ Berkley
Hanseo University Expands Aviation Training Program with New Frasca Flight Training Device10.12.2025 16:05:00 CET | Press release
The new device marks the latest milestone in a long-standing collaboration between Hanseo University and Frasca International, Inc. Frasca International, Inc., a FlightSafety International company and leader in flight simulation, today announced that Hanseo University in South Korea is expanding its aviation program with a new Level 5 Cessna 172 Flight Training Device (FTD), the seventh Frasca device to join the university’s fleet. Hanseo University’s school of Aeronautical Science recognized by the Korean University Accreditation Institute as the nation’s first Specialized University for Training Professional Workforce Industries, continues to expand its state-of-the-art simulation capabilities with the acquisition of a Level 5 Cessna 172 FTD. The addition builds on a partnership with Frasca that has spanned more than two decades and further advances aviation education across Asia. “We were seeking simulators that provided both realism and reliability, and Frasca stood out immediately
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