Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 192

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 192
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4. Net cash generated/(absorbed) by financing activities Net cash absorbed by financing activities for FY 2024 amounted to €375 million, whereas net cash absorbed by financing activities for FY 2023 amounted to €1,126 million. The main drivers of the net FY 2024 outflows were the €550 million settlement of the 2016 Perpetual Bond in January 2024, the €150 million settlement of the German Bond in June 2024, a €16 million repayment of a LuxGovSat credit facility, a €320 million dividend payment, €110 million interest paid on borrowings, €128 million acquisition of treasury shares (Share buyback program) and €49 million of coupon interest paid on the Perpetual Bond, partly offset by the €1 billion proceeds from the Deeply Subordinated Fixed Rate Resettable Securities issued in September 2024. The main drivers of the net 2023 outflow were €690 million settlement of the 144A Bond in April 2023, €16 million repayment of a LuxGovSat credit facility, €220 million in dividend payments, €109 million of interest paid on borrowings, and €49 million of coupon interest paid on the Perpetual Bond. Financing Structure of SES SES has a well-balanced financing structure with access to various sources of funding, including the Eurobond markets, the U.S. dollar bond markets, commercial paper markets and bank financing. As of December 31, 2024, SES had a debt profile with an average maturity of six years and an average cost of 3% per annum. SES’s liquidity position was €4,871 million as of December 31, 2024, taking into account cash and cash equivalents (excluding of €300 million cash and cash equivalents subject to contractual restrictions) of 152

€3,221 million as of December 31, 2024 combined with the SES’s fully undrawn syndicated multi-currency revolving credit facility of €1,200 million renewed in 2024
and valid until 2028 and fully undrawn financing facilities from European Investment Bank of €300 million, €25 million and €125 million. Separately, SES has a €588 million Perpetual Bond with 2.875% coupon (treated as
50% debt and 50% equity) with first call date in August 2026.

Borrowings

Indebtedness of SES (relating to the Acquisition of Intelsat)

SES has obtained