Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 403

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 403
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 B Warrants would be issued to subscribe to and purchase common shares, limited in aggregate number to and equal to 1,911,399 common shares. On February 21, 2023, the warranty agent and Intelsat S.A. entered into an amendment of the Series B Warrant Agreement to amend and correct these clerical errors to each time read 1,911,401. Issuance of Series A and Series B CVRs On the Effective Date, Intelsat Jackson issued 6,820,000 Series A CVRs (as defined in Item 2, Note 2—Emergence from Chapter 11 Proceedings and Other Related Matters of the 2022 Annual Report)to certain F-119

holders of allowed unsecured claims against Intelsat Jackson, and 10,103,703 Series B CVRs (as defined in Item 2, Note 2—Emergence from Chapter 11 Proceedings and Other Related Matters of
the 2022 Annual Report, and together with the Series A CVRs, the “CVRs”) to certain holders of allowed unsecured claims against Intelsat Jackson and Intelsat Connect. The CVRs may entitle holders to (i) an aggregate maximum of
$65 million (for Series A CVRs) and (ii) an aggregate maximum of $355 million (for Series B CVRs) in connection with certain consideration being actually received by Intelsat S.A. or its affiliates from a private, third-party entity
in connection with certain C-band clearing contracts and upon meeting the Minimum Payment Condition (as defined in the agreements governing the CVRs). As of Emergence, 15,323 of Series A CVRs and 15,323 of
Series B CVRs were held in escrow pending the resolution of certain disputed claims in connection with the bankruptcy proceedings. On July 3, 2023, all of the CVRs held in escrow were distributed to certain holders.

The CVRs were determined to have nominal value as of the Fresh Start Reporting Date. As of December 31, 2022, we determined the fair
value of the CVRs to be approximately $152.5 million, which was included within “Other long-term liabilities” in our consolidated balance sheets. During the year ended December 31, 2023, payments of $157.9 million were made
related to the CVRs. As of December 31, 2024, liabilities of $0.6 million and $1.