Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 222

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 222
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 decreased capital expenditures of $208.1 million largely as a result of Intelsat completing the satellite launches under the
C-band spectrum clearing project in 2023, partially offset by $25.8 million in contributions received from a joint venture partner during the year ended December 31, 2023 with significantly lower activity during the year ended December 31,
2024.

Net Cash Used in Financing Activities

Net cash used in financing activities decreased by $2.1 billion to $0.7 billion for the year ended December 31, 2024, as compared to
$2.8 billion for the year ended December 31, 2023, primarily due to the payoff of the 2029 Term Loans (as defined in “Debt”below) of $2.8 billion during the year ended December 31, 2023, with no similar payments
during the year ended December 31, 2024, partially offset by $611.3 million in share premium distributions to shareholders during the year ended December 31, 2024, with no similar payments during the year ended December 31, 2023.

Restricted Cash

As of
December 31, 2024, $19.1 million of cash was held in escrow primarily as a compensating balance for certain outstanding letters of credit.

Debt

Intelsat Jackson 6.50% First Lien Secured Notes due 2030

On January 27, 2022, Intelsat Jackson Holdings S.A. (“Intelsat Jackson”) completed an offering of
$3.0 billion aggregate principal amount of 6.50% First Lien Secured Notes due 2030 (the “2030 Jackson Secured Notes”). The 2030 Jackson Secured Notes bear interest at 6.50% annually and mature in March 2030. These notes are guaranteed
by Intelsat S.A., other parent entities of Intelsat Jackson, and certain subsidiaries of Intelsat Jackson. Interest is payable on the 2030 Jackson Secured Notes semi-annually on March 15 and September 15, which commenced on
September 15, 2022. Intelsat Jackson may redeem some or all of the notes at the applicable redemption prices and criterion set forth in the indenture governing the 2030 Jackson Secured Notes. The 2030 Jackson Secured Notes are senior secured
obligations of Intelsat Jackson.

2022 Intelsat Jackson