Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 247

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 247
---
 for the year ended December 31, 2023, as compared to $610.9 million for the year ended December 31, 2022, primarily due to decreased capital expenditures as a result of reduced spending on C-bandsatellites as compared to the year ended December 31, 2022, as well as $25.8 million in contributions received from a joint venture partner with no similar activity in 2022, partially offset by higher purchases of investments. Net Cash Used in Financing Activities Net cash used in financing activities increased by $1.4 billion to $2.8 billion for the year ended December 31, 2023, as compared to $1.4 billion for the year ended December 31, 2022, 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, as compared to $1.3 billion in net payments for the year ended December 31, 2022, primarily resulting from Intelsat’s chapter 11 financing and issuance of new debt. Restricted Cash As of December 31, 2023, $20.6 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 203

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, commencing 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 Secured Credit Facilities due