Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 38

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 38
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’s policy is to attain
and retain a stable investment grade rating with two of the international reputable credit rating agencies, currently, Fitch Ratings Ireland Limited (Fitch) and Moody’s Italia S.r.l. (Moody’s). SES is currently rated BBB by Fitch and Baa3
by Moody’s.

Downgrades in SES’s and/or Intelsat’s credit ratings could adversely affect SES’s, Intelsat’s and/or
the Combined Group’s businesses, cash flows, financial condition and operating results.

26

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 SES may not be able to service all of the Combined Group’s indebtedness and may be forced to take other actions to satisfy SES’s obligations under SES’s indebtedness, which may not be successful. SES’s failure to meet its debt service obligations could have a material adverse effect on the Combined Group’s business, financial condition and results of operations. SES depends on cash on hand and cash flows from operations to make scheduled debt payments. SES expects to be able to meet the estimated cash interest payments on the Combined Group’s debt following the Acquisition through a combination of the expected cash flows from operations of the Combined Group. However, SES’s ability to generate sufficient cash flow from operations of the Combined Group and to utilize other methods to make scheduled payments will depend on a range of economic, competitive and business factors, many of which are outside of SES’s control. There can be no assurance that these sources will be adequate. If SES is unable to service its indebtedness and fund its operations, SES will be forced to reduce or delay capital expenditures, seek additional capital, sell assets or refinance its indebtedness. Any such action may not be successful and SES may be unable to service its indebtedness and fund its operations, which could have a material adverse effect on the Combined Group’s business, financial condition or results of operations. The Share Purchase Agreement contains provisions that make it more difficult for Intelsat to pursue alternatives to the Acquisition and may discourage other companies from trying to acquire Intelsat for greater consideration than what SES has agreed to pay. Until the Closing or, if earlier, the termination of the Share Purchase Agreement, Intelsat has agreed that it will not, and will not authorize or knowingly permit any of its subsidiaries or any of its or their representatives to, directly or indirectly:

| • |     | solicit, initiate, knowingly encourage or facilitate, or accept any proposal or offer that constitutes an 
 Acquisition Proposal (