SES, as is usual in these cases, says it shall apply the net proceeds of the Notes towards its general corporate purposes, including, without limitation (i) financing all or part of the purchase price of the acquisition of Intelsat Holdings (including the payment of fees, costs and expenses in relation to the Acquisition) and/or (ii) refinancing existing indebtedness of the Group and/or (following closing of the Acquisition) the Intelsat Group.SES also says, once the two companies are united, it will redeem up to $3 billion of existing Intelsat debt which has an interest of 6.5 per cent.Deutsche Bank and Morgan Stanley acted as Global Coordinators and Joint Bookrunners, together with Goldman Sachs International, ING, JP Morgan, Société Générale as Joint Bookrunners. The settlement is scheduled for June 24th and application has been made for the Notes to be listed on the Luxembourg Stock Exchange.“The successful pricing of €1 billion dual-tranche bond offering provides SES enhanced financial flexibility which in combination with an existing strong balance sheet gives SES sufficient liquidity to cover upcoming maturities. This reflects SES’s disciplined financial policy and commitment to investment grade metrics and sets the combined company on a strong footing for long-term balance sheet strength,” stated SES.The offer, handled by the above banks, was 5.5-times oversubscribed.
© 2001-2025. Advanced Television.