SES €500m 5.625% notes due 2031
General corporate purposes and refinancing the €500m guaranteed notes due 4 November 2027, in line with SES's deleveraging plan
Key terms
- Borrower or issuer
- SES
- Date
- 29 Sep 2026
- Type
- Bond
- Amount
- €500m (US$580m)
- Pricing
- 5.625% coupon; issued at 99.667%
- Maturity
- 2031
- Rating at issue
- BB+ (index)
Recorded terms
- Structure
- Senior unsecured fixed rate notes; listed on the Luxembourg Stock Exchange Euro MTF; settlement 6 October 2026
- Lenders and arrangers
- BNP Paribas, ING Belgium SA/NV, Landesbank Baden-Württemberg and Mizuho Bank Europe N.V., joint global coordinators; Goldman Sachs International, Commerzbank Aktiengesellschaft, Intesa Sanpaolo S.p.A. and KBC Bank NV, joint bookrunners
- Country
- Luxembourg
Rating at issue
Rated BB+ 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 26 Jan 2026, Fitch rating history).
SES is rated Ba1 (stable) and BBB- (stable) by Moody's and Fitch respectively
Ratings change over time; check the agencies for the current rating.
Parties
- SES borrower or issuer
- bookrunner/arranger: Goldman Sachs, BNP Paribas, Mizuho, ING, KBC, Commerzbank, LBBW, Intesa Sanpaolo
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 |
| 28 Mar 2023 | Globalstar US$200m 13% senior notes due 2029 (Värde Partners) | Bond | US$200m |
More from SES
| Date | Financing | Type | Amount |
|---|---|---|---|
| 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 |
| 16 Dec 2022 | EIB €300m loan to SES | Government finance | €300m |
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$730m |
Sources
- SES press release (Business Wire): SES successfully prices €500 million Eurobond uniindia.com · 29 Sep 2026
About this record
Record ORB-2026-0014, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
