SES €1bn senior notes (4.125% 2030 and 4.875% 2033)
Key terms
- Borrower or issuer
- SES
- Date
- 24 Jun 2025
- Type
- Bond
- Amount
- €1bn (US$1.1bn)
- Pricing
- 4.125% (2030), 4.875% (2033)
- Maturity
- 2030-2033
- Rating at issue
- BBB- (index)
Recorded terms
- Structure
- Two €500m senior unsecured tranches under the EMTN programme: 4.125% due 24 June 2030 (issued at 99.880) and 4.875% due 24 June 2033 (issued at 99.631)
- Country
- Luxembourg
Rating at issue
Rated BBB- at issue on the index basis (middle of three agencies, lower of two), from the issuer's own release. Fitch's Long-Term Issuer Default Rating on the issue date was BBB (action of 30 Apr 2025, Fitch rating history).
The Notes to be issued are expected to be rated: Moody’s Italia S.r.l. (“Moody’s”): Baa3 … Fitch Ratings Ireland Limited (“Fitch”): BBB
Ratings change over time; check the agencies for the current rating.
Parties
- SES borrower or issuer
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 5 Mar 2026 | Eutelsat €1.5bn senior notes (5.75% 2031 and 6.25% 2033) | Bond | €1.5bn |
| 11 Sep 2024 | Viasat US$1,975m 9.000% senior notes due 2029 | Bond | US$1.98bn |
| 27 Mar 2024 | Eutelsat €600m senior notes due 2029 | Bond | €600m |
| 21 Sep 2023 | Viasat US$733m 7.500% senior notes due 2031 | Bond | US$733.4m |
| 10 Jun 2022 | Maxar Technologies US$500m 7.75% senior notes due 2027 | Bond | US$500m |
More from SES
| Date | Financing | Type | Amount |
|---|---|---|---|
| 24 Mar 2026 | SES €650m 7.375% perpetual hybrid | Bond | €650m |
| 23 Dec 2024 | EIB €150m loans to SES (2024) | Government finance | €150m |
| 6 Sep 2024 | SES €1bn hybrid dual-tranche bonds | Bond | €1bn |
| 19 Jun 2024 | SES acquisition financing for Intelsat | Acquisition finance | €3bn |
| 16 Dec 2022 | EIB €300m loan to SES | Government finance | €300m |
| 14 Jun 2022 | SES €750m 3.5% notes due 2029 | Bond | €750m |
M&A and investment involving SES
| Date | Deal | Type | Value |
|---|---|---|---|
| 17 Jul 2025 | SES acquisition of Intelsat | M&A | US$2.6bn |
| 1 Aug 2016 | SES acquisition of the rest of O3b Networks | Stake sale | US$730m |
Sources
- SES: Final Terms, 2030 Notes, 20 June 2025 ses.com · 20 Jun 2025
- SES: Final Terms, 2033 Notes, 20 June 2025 ses.com · 20 Jun 2025
- SES: EMTN Programme & Eurobonds (outstanding Eurobonds, as per 30 June 2026) ses.com
About this record
Record ORB-2025-0011, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Senior notes are unsecured promises to pay, priced off government bonds; the prospectus sets the covenants, the change-of-control put and the redemption terms.
