Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 245

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 245
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882 |   |     | $         |      322,762 |   |     | $        |    5,109,644 |   |     | $         |    1,578,933 |   |

199

Liquidity and Capital Resources for the Years Ended December 31, 2023 and 2022

Overview

Intelsat’s
contractual obligations, commitments and debt service requirements over the next several years are significant. As of December 31, 2023, the aggregate principal amount of Intelsat’s debt outstanding not held by affiliates was $3.0 billion.
Interest expense for the year ended December 31, 2023 was $437.4 million, which included $80.5 million of non-cash interest expense. At December 31, 2023, cash, cash equivalents and restricted cash were approximately $1.3 billion.

Intelsat’s cash flows from operations and cash on hand have been sufficient to fund interest obligations of $213.5 million and $391.8
million for the years ended December 31, 2022 and 2023, respectively, and significant capital expenditures of $618.0 million and $584.3 million for the years ended December 31, 2022 and 2023, respectively.

In connection with Intelsat’s participation in the FCC’s process for accelerated clearing of the C-band spectrum pursuant to the FCC
Final Order, Intelsat incurred significant upfront expenses for clearing activities well in advance of receiving reimbursement payments. Intelsat has incurred total C-band clearing costs of $1.9 billion as of December 31, 2023. Intelsat has received
$1.2 billion in reimbursements through the year ended December 31, 2023 and expect total receipts of approximately $1.7 billion through 2024. Additionally, as of October 19, 2023, the entire Phase II ARP proceeds of $3.7 billion were received.
Subsequently, a portion of these proceeds was used to repay the 2029 Term Loans (as defined in Liquidity and Capital Resources—Debt) in full.

Intelsat’s primary source of liquidity is and is expected to continue to be cash generated from operations, as well as existing cash.
Intelsat currently expects to use cash on hand and cash flows from operations to fund its most significant cash outlays, including debt service requirements and capital expenditures, in the next twelve months and beyond.

In