InfraOrbitThe capital behind space.
InfraOrbit register · 2015 to 2026

Luxembourg space financing

Luxembourg is home to SES and Intelsat, two of the largest satellite operators, so much of the bond market for satellites runs through it. Every financing on file, with terms and primary sources.

Randeep Bubbra | Lawyer | Making space financeable

21Financings on file
US$23.8bnFunded volume (US$ eq.)
0Investments and M&A
US$7.9bnLargest financing
Dated records

Luxembourg space financing, by year.

2016: 3 financings (3 bonds)3201617: 0 financings1718: 2 financings (1 bonds, 1 bank and acquisition loans)21819: 2 financings (1 bonds, 1 bank and acquisition loans)21920: 3 financings (1 bonds, 1 bank and acquisition loans, 1 government and other)32021: 2 financings (1 bonds, 1 bank and acquisition loans)22122: 2 financings (1 bonds, 1 government and other)22223: 0 financings2324: 3 financings (1 bonds, 1 bank and acquisition loans, 1 government and other)32425: 1 financing (1 bonds)12526: 3 financings (2 bonds, 1 government and other)326
BondsBank and acquisition loansGovernment and other

One square per financing, by date of signing, pricing or announcement. Volume in US$bn at approximate annual average rates; 2026 runs to 27 Oct 2026.

Show the figures
YearBondsBank and acquisition loansGovernment and otherTotal
20163 · US$2.7bn––3 · US$2.7bn
2017–––0 · US$0m
20181 · US$590m1 · US$472m–2 · US$1.1bn
20191 · US$560m1 · US$1.3bn–2 · US$1.9bn
20201 · US$457m1 · US$1.0bn1 · US$23m3 · US$1.5bn
20211 · US$739m1 · US$7.9bn–2 · US$8.6bn
20221 · US$790m–1 · US$316m2 · US$1.1bn
2023–––0 · US$0m
20241 · US$1.1bn1 · US$3.2bn1 · US$162m3 · US$4.5bn
20251 · US$1.1bn––1 · US$1.1bn
20262 · US$1.3bn–1 · US$29m3 · US$1.4bn

Largest financing

Intelsat DIP-to-exit financing on emergence from Chapter 11, 20 Dec 2021.

By type

TypeFinancingsFunded (US$)
Bank facility4US$10.7bn
Bond12US$9.4bn
Acquisition finance1US$3.2bn
Government finance4US$530m

Banks and lenders named

European Investment Bank (4), BNP Paribas (3), ING (3), Commerzbank (2), LBBW (2), Goldman Sachs (1), Mizuho (1), KBC (1).

Counts are financings on file where the bank or lender is named. All lenders.

Financings

DateFinancingTypeAmount
29 Sep 2026SES €500m 5.625% notes due 2031Bond€500m
24 Mar 2026SES €650m 7.375% perpetual hybridBond€650m
25 Feb 2026EIB €25m venture debt to OQ TechnologyGovernment finance€25m
24 Jun 2025SES €1bn senior notes (4.125% 2030 and 4.875% 2033)Bond€1bn
23 Dec 2024EIB €150m loans to SES (2024)Government finance€150m
6 Sep 2024SES €1bn hybrid dual-tranche bondsBond€1bn
19 Jun 2024SES acquisition financing for IntelsatAcquisition finance€3bn
16 Dec 2022EIB €300m loan to SESGovernment finance€300m
14 Jun 2022SES €750m 3.5% notes due 2029Bond€750m
20 Dec 2021Intelsat DIP-to-exit financing on emergence from Chapter 11Bank facilityUS$7.88bn
27 May 2021SES €625m hybrid bonds (2021)Bond€625m
3 Dec 2020EIB €20m venture loan to Spire GlobalGovernment finance€20m
2 Jul 2020SES €400m 2.0% notes due 2028Bond€400m
17 Jun 2020Intelsat US$1bn debtor-in-possession term loan (2020)Bank facilityUS$1bn
4 Nov 2019SES €500m 0.875% notes due 2027Bond€500m
26 Jun 2019SES €1.2bn syndicated revolving credit facilityBank facility€1.2bn
19 Dec 2018SES €400m multi-tranche Schuldschein loanBank facility€400m
15 Mar 2018SES €500m 1.625% notes due 2026Bond€500m
23 Nov 2016SES €550m hybrid bonds (2016)Bond€550m
3 Jun 2016SES €750m 4.625% hybrid bonds (2016)Bond€750m
29 Mar 2016Intelsat Jackson US$1.25bn 8.00% senior secured notes due 2024BondUS$1.25bn

Totals are US$ equivalents of funded deals at approximate annual average rates; programme-level and conditional commitments are listed but left out. Records come from public, primary sources. How the register is built.

Randeep Bubbra
InfraOrbit Weekly

The week in space finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing satellite operators, launch and space infrastructure. By Randeep Bubbra.

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