SES agrees to repurchase €363.4M of its 2027 bond at 97.33% of par value
The telecommunications and TV satellite operator published on October 5, 2026 the final results and pricing terms of its cash tender offer, with a repurchase price set at 97.330% of par value. The group indicated that it would accept all validly tendered securities without pro-rata reduction.
An offer covering a €500M loan maturing in November 2027
The operation targeted holders of the guaranteed €500 million loan with a 0.875% coupon, maturing on November 4, 2027 (ISIN: XS2075811781). SES offered them to sell their securities for cash, within a maximum acceptance amount limit. The offer was announced on September 28, 2026, according to the terms of an offer document dated the same day. The tender period closed on October 2, 2026 at 5:00 p.m. (Central European time), and indicative results were communicated earlier on October 5, 2026. Valid tenders reached €363,397,000 in par value. SES set the final acceptance amount at this same level.
€136.603M of securities will remain in circulation after settlement
Price fixing took place at approximately 1:00 p.m. (Central European time) on October 5, 2026. It is based on an interpolated mid-swap rate of 3.242% and a repurchase yield of 3.442%. Accrued interest amounts to €8.08 per €1,000 of par value, subject to rounding. Payment of the repurchase price and accrued interest is expected on October 7, 2026. Following this step, €136,603,000 of par value of these bonds will remain in circulation. SES indicated its intention to cancel the securities repurchased under the offer.
Settlement subject to condition of new issuance
Settlement of the offer remains subject to the realization of the new issuance condition provided for in the operation, or to the waiver thereof. The press release was published under the European market abuse regulation (MAR), the information being presented as having constituted or could have constituted inside information. It was issued by Elisabeth Pataki, Chief Financial Officer of the group. BNP Paribas, ING Bank N.V. (Belgian branch), Landesbank Baden-Württemberg and Mizuho Bank Europe N.V. acted as banks in charge of the operation, with Kroll Issuer Services Limited serving as offer agent.
