SES Successfully Prices EUR 1 Billion Hybrid Dual-tranche Bond Offering

SES S.A. has announced the successful launch and pricing of a hybrid dual-tranche bond offering valued at EUR 1 billion. The transaction consists of two tranches: a EUR 500 million 30-year Non-Call (NC) 5.25-year tranche with a 5.5% annual coupon and a first reset date on 12 December 2029, and a EUR 500 million 30-year NC 8-year tranche with a 6% annual coupon and a first reset date on 12 September 2032.

The successful outcome reflects strong investor engagement, with an order book exceeding EUR 4 billion. Credit ratings are expected to be Ba2 (Moody's) and BB+ (Fitch), and the bonds will rank pari-passu with SES's existing securities. Settlement is scheduled for 12 September 2024, with listing on the Luxembourg Stock Exchange. Proceeds will support general corporate purposes, including the Intelsat acquisition and refinancing existing debt.