Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 38

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 38
---
 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’s opinion of SES’s financial strength, operating performance and ability to meet SES’s debt obligations or, following completion of the Acquisition, obligations to the Combined
Group. Each of the ratings organizations reviews SES’s and Intelsat’s ratings periodically, and there can be no assurance that SES’s or Intelsat’s current ratings will be maintained in the future. SES’s policy is to attain
and retain a stable investment grade rating with two of the international reputable credit rating agencies, currently, Fitch Ratings Ireland Limited (Fitch) and Moody’s Italia S.r.l. (Moody’s). SES is currently rated BBB by Fitch and Baa3
by Moody’s.

Downgrades in SES’s and/or Intelsat’s credit ratings could adversely affect SES’s, Intelsat’s and/or
the Combined Group’s businesses, cash flows, financial condition and operating results.

27

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 SES may not be able to service all of the Combined Group’s indebtedness and may be forced to take other actions to satisfy SES’s obligations under SES’s indebtedness, which may not be successful. SES’s failure to meet its debt service obligations could have a material adverse effect on the Combined Group’s business, financial condition and results of operations. SES depends on cash on hand and cash flows from operations to make scheduled debt payments. SES expects to be able to meet the estimated cash interest payments on the Combined Group’s debt following the Acquisition through a combination of the expected cash flows from operations of the Combined Group. However, SES’s ability to generate sufficient cash flow from operations of the Combined Group and to utilize other methods to make scheduled payments will depend on a range of economic, competitive and business factors, many of