Company: SGBAF
Filing Date: 2025-05-08
Form Type: CORRESP
Source: 0001193125-25-115826
Chunk: 2

Company: SES S.A.
Filing Date: 2025-05-08
Form: CORRESP
Chunk 2
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4 consistent with the Share Purchase Agreement. Adjusting for the distribution, Closing Cash Consideration will be $2.6 billion. As a result, the Company will amend on pages 103,107,108,121,123 and 125 the purchase consideration, net cash position, and goodwill in the pro forma financial statement information . D. Financing adjustments, page 125

| 3. | Please clarify if you intend to draw down any additional amounts under your bridge facility or term loan                                                                                                                                             
 facility in connection with Acquisition. If so, tell us how you considered including these borrowings in your pro forma statement of financial position as of December 31, 2024, and the related interest expense in your pro forma income statement 
 assuming the borrowings had been drawn down on January 1, 2024. Refer to Article 11-01 (a)(8) of Regulation S-X.                                                                                                                                     |

RESPONSE: The Company acknowledges the Staff’s comment and confirms that it does not intend to draw down any additional amounts under the Bridge Facility or Term Loan A Facility specifically in connection with the Closing Cash Consideration of the Acquisition, but rather will settle the amount due on closing using existing cash holdings, including those raised by the Hybrid financing in September 2024. However, SES management continues to investigate options to optimize the debt structure of the Combined Group and may seek to redeem some of the Intelsat Jackson Notes but has made no commitment to do so and hence no adjustment in this regard has been made to the pro forma financial statements (see section titled “ SES—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments” beginning on page 130 of the Registration Statement). In the case of any such redemption, the Company may draw down amounts under the Bridge Facility and / or the Term Loan A Facility. * * * If the Staff of the SEC has any questions or comments regarding the foregoing, please contact Eric Scarazzo, of Gibson, Dunn & Crutcher LLP by telephone at (212) 351-2389or via email at EScarazzo@gibsondunn.com.

| Sincerely, |     |                         |
| SES S.A.   |     |                         |
| By:        |     | /s/ Sandeep Jalan       |
|            |     | Sandeep Jalan           |
|            |     | Chief Financial Officer |

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