The new 5-year facility strengthens SES liquidity profile while the strong bank interest received underscores the attraction of SES as a strong investment grade company.
SES S.A. has announced the successful renewal of the companys $ 1.3bn (EUR 1.2 bn) Committed Revolving Credit Facility.
Following support from existing lenders, the facility was considerably oversubscribed having received a high level of early bird commitments from a number of banks.
The facility is for general corporate purposes and has been structured as a 5-year, multi-currency revolving credit facility with an option to extend until 2026 (5+1+1).
The margin for the new facility is 40 basis points (for a Baa2/BBB rating) above EURIBOR and is 5 basis points inside the pricing of the former syndicated and committed credit facility closed in January 2014.
Andrew Browne, Chief Financial Officer, SES, commented: This financing further strengthens our liquidity profile and has been secured at improved terms. I am particularly pleased with the strong level of support received from existing lenders which highlights SES strong investment grade credit fundamentals and demonstrates our continuing and ongoing ability to secure funding on attractive terms.