SES S.A. has successfully placed a euros 650 million 10-year Euro bond. The bond, issued by SES S.A. and guaranteed by SES Global Americas Holdings GP, was priced at 99.486 with a coupon of 4.750% (Mid-Swap +137 bps). SES is rated Baa2/BBB/BBB (all stable).
With this opportunistic transaction, SES S.A. takes advantage of the strong appetite from investors for longer-dated corporate bonds to extend its debt maturity profile. This transaction represents another long-dated Eurobond issued by the Company and its return to the debt capital markets after its last public transaction in March 2010 when it also placed a euros 650 million ten-year bond.
The transaction was 2.7 times oversubscribed with orders from nearly 140 investors. This warm reception allowed a placement of the bonds toward the highest quality investor base with asset managers representing 72% while insurers and pension fund took 8%. Investor interest was spread across Europe with UK 28%, France 25%, Germany/Austria 15% and Rest of Europe representing 32%. Finally, the bond was priced at the tight end of the price guidance.
Andrew Browne, Chief Financial Officer of SES, commented: "We are pleased to have secured this facility and to have extended our debt maturity. The successful conclusion of this bond reflects SES' position as a strong credit, and underlines our ability to secure long term funding on attractive terms."
BBVA, Deutsche Bank, Goldman Sachs, ING, JP Morgan and Societe General acted as joint bookrunners.
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