By Rebecca Melvin
Concord, N.H., May 19 – SES SA priced €625 million perpetual subordinated resettable securities (expected ratings: Ba1/BB), guaranteed by SES Global Americas Holdings GP, according to a market source.
The securities’ initial interest rate is 2 7/8%. They priced at 99.409 for a 3% yield until the first reset date, which is 5.25 years after issuance on Aug. 27, 2026. Thereafter, the rate resets every five years at mid-swaps plus the initial margin of mid-swaps plus 319 basis points plus step ups.
There is a 25 bps step up in year 10.25, and a further 75 bps step up in year 25.25. If they are not called upon a change of control, there is a 500 bps step up.
The securities have a make-whole call prior to May 27, 2026 at Bunds plus 50 bps.
J.P. Morgan AG, MUFG, BNP Paribas, Goldman Sachs International, HSBC and Mizuho were joint bookrunners with IMI – Intesa San Paolo acting as a co-lead manager of the Regulation S deal.
Proceeds will be used to refinance the company’s €750 million hybrid bonds callable in January 2022 and for general corporate purposes.
The satellite and terrestrial telecommunications network provider is based in Betzdorf, Luxembourg.
| Issuer: | SES SA
|
| Guarantor: | SES Global Americas Holdings GP
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| Amount: | €625 million
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| Issue: | Subordinated resettable securities
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| Maturity: | Perpetual
|
| Bookrunners: | J.P. Morgan AG, MUFG, BNP Paribas, Goldman Sachs International, HSBC and Mizuho
|
| Co-lead manager: | IMI – Intesa San Paolo
|
| Interest: | 2 7/8% until first reset date
|
| Price: | 99.409
|
| Yield: | 3% to first reset date
|
| Spread: | 319 bps over mid-swaps
|
| Calls: | Make-whole call at Bunds plus 50 bps premium
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| First reset sate: | Aug. 27, 2026
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| First step up: | 25 bps in year 10.25
|
| Second step up: | 75 bps in year 25.25
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| Change-of-control step up: | 500 bps if not called following a change-of-control event
|
| Expected ratings: | Moody’s: Ba1
|
| S&P: BB
|
| Pricing date: | May 19
|
| Settlement date: | May 27
|
| Distribution: | Regulation S
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