Global satellite operator SES has priced a US$1bn dual tranche senior unsecured bond offering. It is the company’s second dollar-denominated bond issuance.
Issued by SES Global Americas Holdings, the financing comprises US$500m of 2.5% notes due 2019…
Global satellite operator SES has priced a US$1bn dual tranche senior unsecured bond offering. It is the company’s second dollar-denominated bond issuance.
Issued by SES Global Americas Holdings, the financing comprises US$500m of 2.5% notes due 2019 and US$500m of 5.3% notes due 2044. The 5-year notes priced at 99.436% to yield 2.514%, while the 30-year notes priced at 97.436% to yield 5.439%.
SES intends to use the net proceeds from the offering to refinance existing debt and for general corporate purposes. The company has a €650m 4.875% 5-year senior unsecured bond maturing in July of this year
The satellite operator said that it tapped the US bond markets in order to diversify its bond investor base and be able to make use of the largest capital market in the world.
The financing comes almost exactly a year after SES launched its inaugural dollar-denominated bond offering. That deal had a similar structure to this latest issuance, with the satellite operator raising US$1bn through a dual tranche offering.
The 2013 debt was split between US$750m of 3.6% senior unsecured notes due 2023 and US$250m of 5.3% senior unsecured notes due 2043.
SES then returned to the European capital markets in October with a €500m 5-year senior bond offering. That debt carried a coupon of 1.875%, the lowest in the company’s history.
