SES proposes to repurchase its 2027 €500M bond to smooth its debt profile
The Luxembourg-based satellite operator is offering holders of its €500 million loan maturing in 2027 the opportunity to sell their securities for cash, as part of its debt profile management strategy.
An offer capped and conditional on a new issuance
SES announced on 28 September 2026 that it is inviting holders of its guaranteed bonds of €500 million with a coupon of 0.875%, maturing on 4 November 2027 (ISIN XS2075811781), to sell them for cash up to a maximum acceptance amount.
These securities, guaranteed by SES Americom, Inc., were issued under the group's Euro Medium Term Note programme, increased to €5.5 billion on 2 September 2024. The transaction is described in an offer memorandum dated 21 September 2026.
SES indicated that the purpose of the offer and the planned issuance of new securities is in particular to proactively manage the maturity profile of its debt. The repurchased securities will be cancelled after the settlement date.
Price, cap and transaction timeline
The maximum acceptance amount should be at most equal to the total nominal amount of new securities issued less €100 million, with SES reserving the right to accept a higher or lower amount, or no securities at all. The repurchase is subject to the completion of the issuance of new securities, denominated in euros and guaranteed by SES Americom, Inc.
The repurchase price will be determined on 29 September 2026 at approximately 13:00 (CEST), by reference to a repurchase margin of 20 basis points added to the interpolated mid-swap rate. The deadline for receiving sale instructions was set at 17:00 (CEST) on 28 September 2026, with settlement expected on 1 October 2026.
Instructions must relate to a minimum nominal amount of €100,000, in multiples of €1,000. BNP Paribas, ING Bank N.V. (Belgian branch), Landesbank Baden-Württemberg and Mizuho Bank Europe N.V. are acting as Dealer Managers, and Kroll Issuer Services Limited as the offer agent.
