SES — Financially Speaking…

SES S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG), operator of a global fleet of 41 communication satellites, has successfully placed a €650 million ten-year Eurobond. The bond, issued by SES S.A. and guaranteed by SES Global Americas Holdings GP, was priced at €99.467 with a coupon of 4.625% (Mid-Swap +135 bps). SES is rated Baa2/BBB/BBB (all stable).

With this transaction, SES S.A. takes advantage of the attractive financing conditions and strong appetite from investors for corporate bonds, in particular in the longer-dated segment to extend its debt maturity profile. This transaction represents the longest-dated Eurobond issued by the company, and its return to the debt capital markets after its last public transaction in June 2009 when it placed a €650 million five-year bond. The transaction was more than 4.5 times oversubscribed with orders from nearly 200 investors. This warm reception allowed a placement of the bonds toward the highest quality investor base with asset managers representing 78 percent while insurers and pension funds took 8 percent. Investor interest was well spread across Europe with UK 35 percent, Germany 31 percent France 14 percent and RoE representing 20 percent. Finally, the bond was priced at the tight end of the price guidance. Bank of America-Merrill Lynch, Barclays Capital, BNP Paribas, Commerzbank and Credit Suisse acted as joint bookrunners.