New 5-year facility strengthens SES’ liquidity profile while the strong bank interest received underscores the attraction of SES as a strong investment grade company.
SES S.A. is pleased to announce the successful renewal of the company’s EUR 1,200,000,000 Committed Revolving Credit Facility.
Following strong support from existing lenders, the facility was considerably oversubscribed having received a high level of early bird commitments from a number of banks.
The facility is for general corporate purposes and has been structured as a 5-year, multi-currency revolving credit facility with an option to extend until 2026 (5+1+1). The margin for the new facility is 40 basis points (for a Baa2/BBB rating) above EURIBOR and is 5 basis points inside the pricing of the former syndicated and committed credit facility closed in January 2014.
Andrew Browne, Chief Financial Officer of SES, commented: “This financing further strengthens our liquidity profile and has been secured at improved terms. I am particularly pleased with the strong level of support received from existing lenders which highlights SES’ strong investment grade credit fundamentals and demonstrates our continuing and ongoing ability to secure funding on attractive terms”.
The Syndicate is comprised of 19 banks
AGRICULTURAL BANK OF CHINA LUXEMBOURG BRANCH, BANK OF CHINA LIMITED, LUXEMBOURG BRANCH, BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH, BANQUE ET CAISSE D’EPARGNE DE L’ETAT, LUXEMBOURG, BNP PARIBAS FORTIS SA/NV, COMMERZBANK AKTIENGESELLSCHAFT, LUXEMBURG BRANCH, DEUTSCHE BANK LUXEMBOURG S.A., GOLDMAN SACHS BANK USA, LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE, HSBC BANK PLC, ING LUXEMBOURG S.A., INTESA SANPAOLO BANK LUXEMBOURG S.A. – AMSTERDAM BRANCH, J.P. MORGAN SECURITIES PLC, LANDESBANK BADEN-WÜRTTEMBERG, MIZUHO BANK EUROPE N.V., MUFG BANK, LTD., NATWEST MARKETS PLC, SUMITOMO MITSUI BANKING CORPORATION, SOCIÉTÉ GÉNÉRALE and was coordinated by BNP PARIBAS, COMMERZBANK AKTIENGESELLSCHAFT LUXEMBURG BRANCH, MIZUHO BANK EUROPE N.V., SOCIETE GENERALE
Suzanne Ong – photo Business Wire