Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 35

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 35
---
 the announcement of the Acquisition. This increased level of indebtedness could adversely affect the Combined Group’s business flexibility and increase its borrowing costs. Any resulting downgrades in SES’s credit ratings could adversely affect SES and/or the Combined Group’s respective businesses, cash flows, financial condition and operating results.

SES expects to incur acquisition-related debt financing of approximately $3 billion (inclusive of any of Intelsat’s existing
indebtedness that SES may assume at the Closing). In addition, Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs) will receive CVRs, which will entitle the Holder to receive a contingent cash payment upon the
potential receipt of certain Gross Proceeds pursuant to the terms and conditions of the CVR Agreement and the Share Purchase Agreement.

SES’s substantially increased indebtedness, its higher
debt-to-equity ratio following completion of the Acquisition in comparison to that of SES prior to the Acquisition, and any potential payments it will have to make under
the CVR Agreement, among other things, will reduce SES’s flexibility to respond to changing business and economic conditions, will increase SES’s borrowing costs and, to the extent that any new SES debt is subject to floating interest
rates, may increase SES’s vulnerability to fluctuations in market interest rates. In addition, the amount of cash required to service SES’s increased indebtedness levels and thus the demands on SES’s cash resources will be greater
than the amount of cash flows required to service the indebtedness of SES or Intelsat individually prior to the Acquisition. The increased levels of indebtedness could also reduce funds available to fund SES’s efforts to combine its business
with Intelsat and realize expected benefits of the Acquisition and/or engage in investments in product development, capital expenditures, dividend payments, share repurchases and other activities and may create competitive disadvantages for SES
relative to other companies with lower debt levels.

SES may be required to raise additional financing for working capital, capital
expenditures, acquisitions or other general corporate purposes. SES’s ability to arrange additional financing or refinancing will depend on, among other factors, SES’s financial position and performance, as well as prevailing market
conditions and other factors beyond SES’s control. SES cannot assure you that it will be able to obtain additional financing or refinancing on terms acceptable to SES or at all.

In addition, SES’s credit ratings impact the cost and availability of future borrowings, and, as a result, SES’s cost of capital.
SES’s ratings reflect each rating organization