Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 190

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 190
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 Aircraft Services (“CAS”), which offer airlines connectivity for various operations and currently include, among others, real-time credit card transaction processing, electronic flight bags and real-time weather information.

Recent Developments

FCC Final Order

The accelerated clearing process of C-band spectrum set forth in the U.S. Federal Communications
Commission’s (“FCC”) March 3, 2020, final order (the “FCC Final Order”) provided for monetary incentives for fixed satellite services (“FSS”) providers to clear a portion of the
C-band spectrum on an accelerated basis (the “Accelerated Relocation Payments” or “ARPs”). Under the FCC Final Order, Intelsat License LLC (“Intelsat License”) was eligible to
receive ARPs of approximately $1.2 billion and $3.7 billion based on the Phase I and Phase II milestone clearing certification dates of December 5, 2021, and December 5, 2023, respectively, subject to the satisfaction of certain
deadlines and other conditions set forth therein. The FCC validated the Phase I Certification of Accelerated Relocation on November 12, 2021, and Intelsat collected the full $1.2 billion Phase I ARP by January 2022.

129

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

On July 12, 2023, Intelsat License filed its Phase II Certification of Accelerated
Relocation, indicating completion of required clearing activities to satisfy the December 5, 2023 accelerated clearing deadline. No challenges to the certification were made and, under the rules established pursuant to the FCC Final Order, on
August 11, 2023, the certification was deemed valid (“Phase II Validation”) and Intelsat submitted its invoice for the Phase II ARP of $3.7 billion. As a result of Phase II Validation, Intelsat derecognized the “Accelerated
relocation payment rights,” upon which it recognized a “Gain on disposition of ARP rights” of $139.0 million within Intelsat’s consolidated statements of operations for the year ended December 31, 2023. 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.

Furthermore, as