FSS operator SES has secured a ?1.2bn revolving credit facility from a group of new and existing lenders. The revolver is an amendment of its April 2009 facility with the margin reduced to 95bp over Euribor and the maturity pushed out to April 2015.
As…
FSS operator SES has secured a ?1.2bn revolving credit facility from a group of new and existing lenders. The revolver is an amendment of its April 2009 facility with the margin reduced to 95bp over Euribor and the maturity pushed out to April 2015.
As SatelliteFinance previously reported, SES has been in talks with its lending banks about adjusting the terms of its 2009 revolver in order to take advantage of the much more favourable current loan market conditions.
According to the company, the new transaction was heavily oversubscribed prompting SES to increase the amount by ?200m as well as use the remainder of the oversubscription to scale the banks’ commitments back.
The facility has a utilisation fee of 25bp for utilisations of 33% and 50bp for utilisations above 67% of the facility amount. The commitment fee is 35% of the applicable margin.
The company stated that the amended facility will serve as a liquidity back-up and be available for general corporate purposes.
Deutsche Bank and RBS were coordinators, mandated lead arrangers and active bookrunners for the financing, while bookrunners and MLAs were Banco Bilbao Vizcaya Argentaria, Banque et Caisse d’Epargne de L’Etat, Bank of Tokyo- Mitsubishi UFJ, Commerzbank and Société Générale.
Additional MLAs included Bank of America, BNP Paribas, Credit Suisse, DNB NOR, ING, JP Morgan Chase, Mizuho and Sumitomo Mitsui. Lead arrangers were Banque LBLux, Barclays Capital, Crédit Agricole CIB and Landesbank.
