SES €500m 1.625% notes due 2026
General corporate purposes, including refinancing a €500m senior maturity in 2018
Key terms
- Borrower or issuer
- SES
- Date
- 15 Mar 2018
- Type
- Bond
- Amount
- €500m (US$590m)
- Pricing
- 1.625% coupon; issued at 99.34%
- Maturity
- 2026-03-22
- Rating at issue
- BBB (index)
Recorded terms
- Structure
- Senior unsecured fixed rate notes, eight years; listed in Luxembourg
- Lenders and arrangers
- BBVA, BNP Paribas, Commerzbank, HSBC, ING Bank and J.P. Morgan, joint bookrunners
- 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.
SES is rated Baa2 by Moody’s (with stable outlook) and BBB by Standard & Poor’s (with stable outlook)
Ratings change over time; check the agencies for the current rating.
Parties
- SES borrower or issuer
- bookrunner/arranger: J.P. Morgan, HSBC, BNP Paribas, BBVA, ING, Commerzbank
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 21 Mar 2018 | Iridium US$360m 10.250% senior notes due 2023 | Bond | US$360m |
| 2 Aug 2018 | Intelsat US$1,000m 9.50% senior notes due 2023 | Bond | US$1bn |
| 6 Sep 2018 | Intelsat US$2,000m 8.500% senior notes due 2024 | Bond | US$2bn |
| 7 Sep 2017 | Viasat US$700m 5.625% senior notes due 2025 | Bond | US$700m |
| 3 Oct 2018 | Intelsat US$700m 8.500% senior notes due 2024 | Bond | US$700m |
More from SES
| Date | Financing | Type | Amount |
|---|---|---|---|
| 29 Sep 2026 | SES €500m 5.625% notes due 2031 | Bond | €500m |
| 24 Mar 2026 | SES €650m 7.375% perpetual hybrid | Bond | €650m |
| 24 Jun 2025 | SES €1bn senior notes (4.125% 2030 and 4.875% 2033) | Bond | €1bn |
| 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 |
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$730m |
Sources
- SES press release (filed with the AMF): SES successfully prices €500 million 8-year Euro bond echanges.dila.gouv.fr · 15 Mar 2018
About this record
Record ORB-2018-0008, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
