Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 196

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 196
---
 2024. Net cash generated/(absorbed) by financing activities Net cash absorbed by financing activities for FY 2023 amounted to €1.1 billion. Net cash generated by financing activities for FY 2022 amounted to €305 million. The main drivers of the 2023 outflows were €690 million settlement of the 144A Bond in April 2023, €16 million repayment of LuxGovSat Credit Facility, €220 million dividend payment, €109 million interest paid on borrowings and €49 million coupon paid on perpetual bond. The main drivers of the 2022 inflows were related to €750 million bond under the EMTN program issued in June 2022, partly offset by €219 million dividend payment, €103 million interest paid and €49 million coupon paid on perpetual bond. Financing Structure of SES SES has a well-balanced financing structure with access to various sources of funding, including the Eurobond markets, the U.S. dollar bond markets, commercial paper markets and bank financing. As of December 31, 2023, SES had a debt profile with an average maturity of 6.7 years and an average cost of 3% per annum. SES’s liquidity position was €4,407 million as of December 31, 2023, taking into account cash and cash equivalents of €2,907 million as of December 31, 2023 combined with the SES’s fully undrawn syndicated multi-currency revolving credit facility of €1,200 million renewed in 2021 and valid until 2026 and fully 139

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

undrawn financing facility from European Investment Bank of €300 million. Separately, SES has a €625 million Deeply Subordinated Fixed Rate Resettable Securities with 2.875%
coupon (treated as 50% debt & 50% equity) with first call date in August 2026.

Borrowings

Indebtedness of SES (relating to the Acquisition of Intelsat)

SES has obtained financing for the Acquisition under the Bridge Facility and the TLA. The availability period of the Bridge Facility, during
which funds may be drawn down under the Bridge Facility, is the period from April 30, 2024 to and including April 28, 2026. Any funds drawn down under the Bridge Facility must be used to finance all or part of the purchase price of the