Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 181

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 181
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 2026. Any funds drawn down under the Bridge Facility must be used to finance all or part of the purchase price of the Acquisition and any related fees, costs and expenses, and to refinance the existing indebtedness of the Intelsat Group. Additionally, the Bridge Facility provides that, following the issuance of new additional debt by SES (including through the TLA and the issuance of Senior Notes and/or Subordinated Notes), SES is required to cancel the Bridge Facility in an amount equal to such issuances. In particular, SES is required to use the first €1,000,000,000 (or equivalent in other currencies) of Notes (whether Senior Notes or Subordinated Notes) to cancel the Bridge Facility in an equivalent amount. Pursuant to the terms of the Bridge Facility, the following €625,000,000 of debt raised (after the initial €1,000,000,000 (or equivalent in other currencies)) does not need to be applied in prepayment or cancellation of the Bridge Facility, but amounts raised thereafter must be so applied. SES currently intends to draw down the Bridge Facility (or any replacement to the Bridge Facility) only to the extent that any Intelsat SSNs (if any) are redeemed at or immediately prior to closing of the Acquisition. If drawn, SES could repay the Bridge Facility (under which certain of the Dealers are lenders) with the proceeds of Notes. See further “Risk Factors—The Issuers and the Dealers may engage in transactions adversely affecting the interests of Noteholders”. Hybrid Dual-tranche Bond Offering On September 30, 2024, SES S.A. announced the successful launch and pricing of a hybrid dual-tranche bond offering in which it has agreed to sell Deeply Subordinated Fixed Rate Resettable Securities for a total amount of €1 billion. The settlement took place on September 12, 2024, and the notes are listed on the Luxembourg Stock Exchange. The transaction is composed of a €500 million 30-year Non-Call(NC) 5.25-yeartranche with a first reset date on December 12, 2029 and a €500 million 30-yearNC 8-yeartranche with a first reset date on September 12, 2032. The NC 5.25-yearnotes will bear a coupon of 5.5% per annum and were priced at 99.473% of their nominal value while the NC 8-yearnotes will bear a coupon of 6% per annum and were priced at par.