Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 193

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 193
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 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
Acquisition and any related fees, costs and expenses, and to refinance the existing indebtedness of the Intelsat Group. Additionally, the Bridge Facility provides that, following the issuance of new additional debt by SES (including through the TLA
and the issuance of Senior Notes and/or Subordinated Notes), SES is required to cancel the Bridge Facility in an amount equal to such issuances. In particular, SES is required to use the first €1 billion (or equivalent in other currencies) of
Notes (whether Senior Notes or Subordinated Notes) to cancel the Bridge Facility in an equivalent amount. Pursuant to the terms of the Bridge Facility, the following €625 million of debt raised (after the initial €1 billion (or equivalent
in other currencies)) does not need to be applied in prepayment or cancellation of the Bridge Facility, but amounts raised thereafter must be so applied.

SES currently intends to draw down the Bridge Facility (or any replacement to the Bridge Facility) only to the extent that any Intelsat senior
subordinated notes (if any) are redeemed at or immediately prior to closing of the Acquisition. If drawn, SES could repay the Bridge Facility (under which certain of the Dealers are lenders) with the proceeds of Notes. See further “Risk
Factors—The Issuers and the Dealers may engage in transactions adversely affecting the interests of Noteholders”.

Hybrid Bond

On September 6, 2024, SES S.A. announced the successful launch and pricing of a Hybrid Bond for a total amount of €1 billion.
The settlement took place on September 12, 2024, and the notes are listed on the Luxembourg Stock Exchange. The transaction is composed of a €500 million 30-year Non-Call (NC) 5.25-year tranche with a first reset date on December 12, 2029 and a €500 million 30-year NC 8-year tranche with a first reset date on September 12, 2032. The NC 5.25-year notes will bear a coupon of 5.5% per annum and were priced at 99.473% of