SES (NYSE Euronext Paris and Luxembourg Stock Exchange: SESG), operator of a global fleet of 55 communication satellites, is pleased to announce today the successful closing and signing of a renewal of the €1,200,000,000 Revolving Credit Facility.
Following strong support from new and existing banks, the Facility closed considerably oversubscribed having a significant element of scale back for the committed banks.
The Facility comprises 20 banks and was arranged by
- BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,
- BANK OF CHINA (LUXEMBOURG) S.A.,
- THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
- BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG,
- BARCLAYS BANK PLC,
- BNP PARIBAS,
- COMMERZBANK AKTIENGESELLSCHAFT,
- CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK BELGIUM BRANCH,
- CREDIT SUISSE AG, LONDON BRANCH,
- DEUTSCHE BANK LUXEMBOURG S.A.,
- GOLDMAN SACHS BANK USA,
- ING LUXEMBOURG S.A.,
- INTESA SANPAOLO S.P.A.,
- J.P. MORGAN LIMITED,
- LANDESBANK BADEN-WÜRTTEMBERG, LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE,
- MIZUHO BANK NEDERLAND N.V.,
- THE ROYAL BANK OF SCOTLAND PLC, ACTING THROUGH ITS PARIS BRANCH,
- SOCIETE GENERALE CORPORATE AND INVESMTENT BANKING (THE CORPORATE & INVESTMENT BANK DIVISION OF SOCIETE GENERAL),
- SUMITOMO MITSUI BANKING CORPORATION,
- COMMERZBANK AKTIENGESELLSCHAFT, FILIALE LUXEMBURG as Agent.
The Facility is for general corporate purposes and has been structured as a 5 year multicurrency revolving credit facility with two one year extension options at the discretion of the lenders. The margin is linked to a ratings grid and at the current rating of BBB / Baa2 the margin is 45bps p.a. (replacing the former syndicated and committed credit line with a margin of 95bps p.a.).
Padraig McCarthy, Chief Financial Officer of SES, commented: ”We are pleased to have secured this financing, which further strengthens our liquidity profile. The successful conclusion of this credit agreement reflects the market's view of SES as a strong investment grade credit, and underlines our ability to secure funding on attractive terms”.