New Skies to refinance existing bank debt for purchase by SES

By Sara Rosenberg

New York, Dec. 14 - New Skies Satellites Holdings Ltd.'s existing credit facility will be refinanced in connection with SES Global SA's purchase of the company, according to a company news release.

New Skies' floating-rate senior notes and senior subordinated notes remain outstanding following closing of the acquisition.

All in all, upon completion of the transaction, New Skies is expected to have about $400 million of net indebtedness through a combination of new loan debt and existing bond debt.

SES is purchasing New Skies for $22.52 per share in cash. The transaction has an enterprise value of $1.16 billion. The transaction is conditioned on New Skies shareholder approval, customary closing conditions and clearances from relevant regulatory agencies. It is anticipated that the transaction will close in about six months.

New Skies is a The Hague, Netherlands-based satellite operator. SES is a Luxembourg-based satellite operator.

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