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SES Secures Bridge Financing For Intelsat Deal; Not A Spread MoveR

COMMUNICATIONS

Rating: Baa3/NR/BBB


  • SES has successfully syndicated EUR ~3bn in acquisition financing, including a EUR 2.1bn bridge facility and a USUSD 1bn term loan.
  • The bridge facility, syndicated by DB and MS, has a 12m maturity, extendable twice by six months, offering decent flexibility on when they go to the bond market.
  • Term loan has a five-year amortizing tenor and is cited as allowing for marginal deleveraging over time. Existing EUR 1.2bn revolving credit facility also extended by two years to 2028.

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