Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 345

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 345
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 On August 14, 2020, Intelsat License LLC (“Intelsat License”) filed its C-band spectrum transition plan with the FCC, with ongoing updates as requested by the FCC. The most recent amended and final transition plan was filed on July 11, 2023.

Under the FCC Final Order, 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. In addition, under the FCC Final Order, we are also
entitled to receive reimbursement payments for certain C-band spectrum clearing expenses incurred, subject to the satisfaction of certain conditions set forth in the FCC Final Order.

The arrangement under the FCC Final Order is accounted for under ASC 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets. The total transaction price under the FCC Final Order is estimated at approximately $6.6 billion, consisting of $4.9 billion in ARPs and estimated
reimbursement payments of approximately $1.7 billion. The spectrum cleared in Phase I and the spectrum cleared in Phase II are considered two separate distinct nonfinancial assets for which control is transferred and the associated income is
recognized at distinct points in time upon satisfaction of the Phase I and Phase II clearing milestones. The transaction price of $6.6 billion is allocated to the Phase I and Phase II nonfinancial assets based on the estimated relative
standalone selling price, resulting in approximately $2.1 billion allocated to Phase I and approximately $4.5 billion allocated to Phase II.

F-105

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

The FCC validated the Phase I Certification of Accelerated Relocation on November 12,
2021, and we collected the full $1.2 billion Phase I ARP by January 2022. 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