Luxembourg-headquartered satellite tv for pc firm SES introduced that it has efficiently priced a EUR 1 billion hybrid dual-tranche bond providing, consisting of two tranches of EUR 500 million every. The corporate famous that the proceeds shall be used for normal company functions, together with funding the acquisition of Intelsat or refinancing present debt.
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Particulars of the Bond Tranches
The deal contains two tranches: a EUR 500 million, 30-year non-call (NC) 5.25-year tranche with a 5.5 p.c coupon, and a EUR 500 million, 30-year NC 8-year tranche with a 6 p.c coupon. SES mentioned robust investor demand pushed the order e-book above EUR 4 billion, permitting the corporate to cost the notes competitively on each tranches.
SES commented, “We’re happy to have secured this new hybrid providing. The success of this transaction demonstrates traders’ confidence in SES’s investment-grade credit score and powerful money technology profile.”
Bond Credit score Scores and Classification
Credit score rankings for the bonds are anticipated to be Ba2 (Moody’s) and BB+ (Fitch), with 50 p.c fairness credit score underneath IFRS classification. The proceeds shall be used for normal company functions, the official launch mentioned.
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Settlement is scheduled for 12 September 2024, and the notes shall be listed on the Luxembourg Inventory Trade. Deutsche Financial institution and Morgan Stanley led the transaction, supported by BNP Paribas, Citi, HSBC, and SMBC as joint bookrunners.
