InfraOrbitThe capital behind space.
InfraOrbit register · 2015 to 2026

Satellite operator bonds

Bonds issued by satellite operators since 2015, including SES, Viasat, Intelsat, Eutelsat and EchoStar, with coupons, maturities and the banks that ran each book.

Randeep Bubbra | Lawyer | Making space financeable

24Financings on file
US$28.2bnFunded volume (US$ eq.)
8Issuers and borrowers
US$5.4bnLargest financing
2015: US$0m152016: US$2.9bn1632017: US$2.2bn1722018: US$5.0bn1852019: US$4.1bn1942020: US$400m2002021: US$739m2112022: US$500m2202023: US$733m2312024: US$9.1bn2492025: US$0m252026: US$2.5bn262
Satellite operator bonds: funded volume by year. US$bn equivalent at approximate annual average rates; contingent and unfunded programme commitments are excluded.

Largest financing

EchoStar US$5.36bn 10.75% senior secured notes due 2029 and DBS financing, Nov 2024.

Financings

DateFinancingTypeAmount
24 Mar 2026SES €650m 7.375% perpetual hybridBond€650m
5 Mar 2026Eutelsat €1.5bn senior notes (5.75% 2031 and 6.25% 2033)Bond€1.5bn
Nov 2024EchoStar US$5.36bn 10.75% senior secured notes due 2029 and DBS financingBondUS$5.36bn
11 Sep 2024Viasat US$1,975m 9.000% senior notes due 2029BondUS$1.98bn
6 Sep 2024SES €1bn hybrid dual-tranche bondsBond€1bn
27 Mar 2024Eutelsat €600m senior notes due 2029Bond€600m
21 Sep 2023Viasat US$733m 7.500% senior notes due 2031BondUS$733.4m
10 Jun 2022Maxar Technologies US$500m 7.75% senior notes due 2027BondUS$500m
27 May 2021SES €625m hybrid bonds (2021)Bond€625m
18 Jun 2020Viasat US$400m 6.500% senior notes due 2028BondUS$400m
18 Nov 2019Maxar Technologies US$1,000m 9.75% senior notes due 2023BondUS$1bn
Oct 2019Inmarsat US$2.08bn 6.75% senior secured notes due 2026 (take-private financing)BondUS$2.08bn
7 Jun 2019Intelsat US$400m 9.750% senior notes due 2025BondUS$400m
20 Mar 2019Viasat US$600m 5.625% senior notes due 2027BondUS$600m
3 Oct 2018Intelsat US$700m 8.500% senior notes due 2024BondUS$700m
6 Sep 2018Intelsat US$2,000m 8.500% senior notes due 2024BondUS$2bn
Sep 2018Eutelsat €800m 2.00% bond due 2025Bond€800m
2 Aug 2018Intelsat US$1,000m 9.50% senior notes due 2023BondUS$1bn
21 Mar 2018Iridium US$360m 10.250% senior notes due 2023BondUS$360m
7 Sep 2017Viasat US$700m 5.625% senior notes due 2025BondUS$700m
19 Jun 2017Intelsat US$1,500m 7.25% senior notes due 2025BondUS$1.5bn
23 Nov 2016SES €550m hybrid bonds (2016)Bond€550m
27 Jul 2016Hughes Satellite Systems US$1,500m senior notes (2 tranches)BondUS$1.5bn
3 Jun 2016SES €750m 4.625% hybrid bonds (2016)Bond€750m

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

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