Global satellite operator SES has completed the renewal and amendment of its €1.2bn revolving credit facility.
The 5-year multicurrency revolver has two one year extension options and will be used for general corporate purposes. The margin is linked…
Global satellite operator SES has completed the renewal and amendment of its €1.2bn revolving credit facility.
The 5-year multicurrency revolver has two one year extension options and will be used for general corporate purposes. The margin is linked to a ratings grid and at the current rating of BBB / Baa2 would be 45 basis points per annum.
Padraig McCarthy, SES’ chief financial officer, commented: “We are pleased to have secured this financing, which further strengthens our liquidity profile. The successful conclusion of this credit agreement reflects the market’s view of SES as a strong investment grade credit, and underlines our ability to secure funding on attractive terms.”
According to SES, the facility closed considerably oversubscribed having a significant element of scale back for the twenty committed banks.
Those banks comprised Banco Bilbao Vizcaya Argentaria, Bank Of China (Luxembourg), Bank Of Tokyo-Mitsubishi UFJ, Banque et Caisse D’epargne De L’etat Luxembourg, Barclays Bank, BNP Paribas, Commerzbank Aktiengesellschaft, Credit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, ING, Intesa Sanpaolo, JP Morgan, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Mizuho Bank, RBS, Societe Generale and Sumitomo Mitsui Banking Corp.
The revolver replaces the former US$1.2bn credit line that SES secured in October 2010. That facility, itself an amendment to a previous loan, had a margin of 95 basis points and was due to mature in April 2015.
