Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 211

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 211
---
2022 Intelsat Jackson Secured Credit Agreement also includes certain customary
representations and warranties, affirmative covenants and events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, certain events under the Employee Retirement Income Security
Act of 1974, as amended, and change of control.

The foregoing description of the 2022 Intelsat Jackson Secured Credit Agreement does not
purport to be complete and is qualified in its entirety by reference to the full text of the 2022 Intelsat Jackson Secured Credit Agreement.

Intelsat Jackson made principal payments on the 2029 Term Loans of $386.2 million for the ten months ended December 31, 2022, with
no similar payments for the two months ended February 28, 2022. During the year ended December 31, 2023, the total remaining balance of $2.8 billion associated with the 2029 Term Loans was paid in full.

Contracted Backlog

Intelsat
benefits from strong visibility of its future revenues. Intelsat’s contracted backlog is its expected future revenue under existing customer contracts and includes both cancelable and non-cancelable
contracts. As of December 31, 2023, Intelsat’s contracted backlog was approximately $4.4 billion, which it expects to earn a weighted average remaining customer contract life of approximately 3.1 years. Intelsat expects to deliver
services associated with approximately $1.4 billion, or approximately 31%, of Intelsat’s December 31, 2023 contracted backlog during the year ending December 31, 2024. The amount included in backlog represents the full service
charge for the duration of the contract and does not include termination fees. The amount of the termination fees is generally calculated as a percentage of the remaining backlog associated with the contract. In certain cases of breach for non-payment or customer bankruptcy, Intelsat may not be able to recover the full value of certain contracts or termination fees. Intelsat’s contracted backlog includes 100% of the backlog of its consolidated
ownership interests, which is consistent with the accounting for its ownership interests in these entities. Intelsat believes this backlog and the resulting predictable cash flows in the FSS sector make its results less volatile than that of typical
companies outside Intelsat’s industry.

143

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.