Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 206

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 206
---
, Intelsat incurred significant upfront expenses for clearing activities well in advance of receiving 140

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 reimbursement payments. Intelsat has incurred total C-bandclearing costs of $1.9 billion as of December 31, 2023. Intelsat has received $1.2 billion in reimbursements through the year ended December 31, 2023 and expect total receipts of approximately $1.7 billion through 2024. Additionally, as of October 19, 2023, the entire Phase II ARP proceeds of $3.7 billion were received. Subsequently, a portion of these proceeds was used to repay the 2029 Term Loans (as defined in Liquidity and Capital Resources— Debt) in full. Intelsat’s primary source of liquidity is and is expected to continue to be cash generated from operations, as well as existing cash. Intelsat currently expects to use cash on hand and cash flows from operations to fund its most significant cash outlays, including debt service requirements and capital expenditures, in the next twelve months and beyond. In September 2023, Intelsat’s board of directors authorized and approved, subject to shareholder approval, and in December 2023, the shareholders approved, the distribution of $130.0 million out of Intelsat’s share premium to the shareholders of Intelsat in proportion of their holding of shares of Intelsat and the holders of restricted stock units pursuant to the terms of the relevant award agreements. On January 29, 2024, Intelsat paid $1.873 per outstanding share to its common shareholders of record at the close of business on January 5, 2024. Payments will be made to holders of restricted stock units pursuant to the terms of the relevant award agreements upon vesting of the underlying restricted stock units. Refer to Note 10—Shareholders’ Equity of the Intelsat audited financial statements for the period ended December 31, 2023 included elsewhere in this prospectus. Additionally, in September 2023, Intelsat’s board of directors authorized and approved, subject to shareholder approval, and in December 2023, the shareholders approved a share repurchase program authorizing for a three year period the repurchase of up to 20.0 million of Intelsat’s common shares, up to $200.0 million aggregate amount for which shares may be repurchased. During the year