SES plans new debt issuance supported by bridge loan for Intelsat buy

By Sara Rosenberg

New York, April 30 – SES SA plans to issue new debt, including hybrid bonds, to help fund its acquisition of Intelsat SA, and has received a commitment for a bridge facility to support the planned debt issuance, according to a company presentation.

Morgan Stanley and Deutsche Bank AG, Filiale Luxembourg are providing the committed financing.

Other funds for the transaction will come from existing cash resources.

Under the agreement, Intelsat is being bought for $3.1 billion and certain contingent value rights.

Upon closing, adjusted net debt to adjusted EBITDA is expected to be around 3.5x before reducing to below 3x within 12 to 18 months after closing, consistent with SES’s commitment to maintain investment-grade balance sheet metrics.

Closing is subject to regulatory clearances, filings and customary provisions, which are expected to be received during the second half of 2025.

SES is a Luxembourg-based connectivity provider through a network of satellite and ground infrastructure. Intelsat is a Luxembourg-based satellite telecommunications company.

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