Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 246

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 246
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 decreased by $2.1 billion to $0.7 billion for the year ended December 31, 2024, as compared to
$2.8 billion for the year ended December 31, 2023, primarily due to the payoff of the 2029 Term Loans (as defined in “Debt”below) of $2.8 billion during the year ended December 31, 2023, with no similar payments
during the year ended December 31, 2024, partially offset by $611.3 million in share premium distributions to shareholders during the year ended December 31, 2024, with no similar payments during the year ended December 31, 2023.

Restricted Cash

As of December 31,
2024, $19.1 million of cash was held in escrow primarily as a compensating balance for certain outstanding letters of credit.

Debt

Intelsat Jackson 6.50% First Lien Secured Notes due 2030

On January 27, 2022, Intelsat Jackson Holdings S.A. (“Intelsat Jackson”) completed an offering of $3.0 billion aggregate
principal amount of 6.50% First Lien Secured Notes due 2030 (the “2030 Jackson Secured Notes”). The 2030 Jackson Secured Notes bear interest at 6.50% annually and mature in March 2030. These notes are guaranteed by Intelsat S.A., other
parent entities of Intelsat Jackson, and certain subsidiaries of Intelsat Jackson. Interest is payable on the 2030 Jackson Secured Notes semi-annually on March 15 and September 15, which commenced on September 15, 2022. Intelsat
Jackson may redeem some or all of the notes at the applicable redemption prices and criterion set forth in the indenture governing the 2030 Jackson Secured Notes. The 2030 Jackson Secured Notes are senior secured obligations of Intelsat Jackson.

2022 Intelsat Jackson Secured Credit Facilities due 2029

On February 1, 2022, Intelsat Jackson entered into a secured credit agreement (the “2022 Intelsat Jackson Secured Credit
Agreement”), which included a $3.2 billion term loan facility and a $500.0 million revolving credit facility, and borrowed the full $3.2 billion under the term loan facility due February 2029 (the “2029 Term Loans”). On