Eutelsat Completes Massive 5 Billion Euro Refinancing Plan

Comprehensive Refinancing Strategy

The comprehensive refinancing plan, amounting to approximately 5 billion euros, revolves around a strategy combining equity and debt. By the end of 2025, Eutelsat had raised 1.5 billion euros in equity in two parts: capital increases reserved for 828 million euros from the French Republic through APE, Bharti Space Ltd, the Government of the United Kingdom, CMA CGM Participations, and FSP, complemented by a capital increase with the maintenance of preferential subscription rights of about 670 million euros. This fundraising led to an upgrade in credit ratings by Moody's and Fitch, strengthening the group's ability to access debt capital markets. Key objectives of this plan include the elimination of structural subordination and the removal of cash flow circulation constraints present in existing debt contracts.

Execution of Financing Plan

The financing plan materialized through four transactions. In November 2025, Eutelsat signed a syndicated credit agreement for 900 million euros, comprising a term loan of 400 million euros and a revolving credit line of 500 million euros. In February 2026, the group secured financing of approximately 1 billion euros from the Export Credit Agency, aimed at financing the acquisition of 440 LEO satellites from Airbus Defence and Space to ensure the operational continuity of the OneWeb constellation. Also in February, an amendment was signed with the European Investment Bank regarding the change of borrower for an existing term loan of 200 million euros. The bond issue closed on March 5, 2026, includes two tranches: 850 million euros for 5 years and 650 million euros for 7 years, the proceeds of which aim at the full repayment of two bonds issued by Eutelsat SA. These four instruments will be carried by Eutelsat Communications SA and will benefit from upstream guarantees from Eutelsat SA and OneWeb Holdings Ltd.