SES has successfully closed and signed a renewal of the €1,200,000,000 revolving credit facility.
Following strong support from new and existing banks, the Facility closed considerably oversubscribed having a significant element of scale back for the committed banks.
The facility comprises 20 banks. The facility is for general corporate purposes and has been structured as a five year multicurrency revolving credit facility with two one year extension options at the discretion of the lenders. The margin is linked to a ratings grid and at the current rating of BBB / Baa2 the margin is 45bps p.a. (replacing the former syndicated and committed credit line with a margin of 95bps p.a.)
Padraig McCarthy, CFO of SES, 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”.
