Debt Investors
We focus on maintaining a strong balance sheet, underpinned by a commitment to investment grade credit metrics. In addition to equity, our capital structure comprises senior debt, hybrid bonds, and other instruments.
Key balance sheet metrics
All numbers are on 31 December 2024. 1) Including hybrid bonds (treated as 50% debt and 50% equity)
Credit ratings
SES’ policy is to maintain its investment grade credit rating. Long term and short term debt credit ratings together with last review date are shown below:
| Rating Agency | Long tern rating | Long term outlook | Short term rating | Date of last review |
| Fitch | BBB | Stable | F2 | 1 May 2024 |
| Moody’s | Baa3 | Negative | P-3 | 18 February 2025 |
Following the announcement of the agreement to acquire Intelsat (30 April 2024), both Fitch and Moody’s have subsequently reaffirmed their existing investment grade rating for SES.
Senior debt maturity profile
SES senior debt maturity profile on 31 December 2024.
The above excludes €1,588m of Hybrid bonds (see Hybrid bonds section)
Debt & loan facilities
SES holds the following debt and loan facilities:
EMTN Programme & Eurobonds
SES has a Euro Medium Term Note Programme (EMTN) which allows for a total debt issuance up to EUR 5.5 billion and supports SES's access to debt markets as and when required.
Hybrid bonds
In 2016 and 2021, SES has issued deeply subordinated fixed rate resettable securities (so-called “Hybrid bonds”) for a total amount of EUR 1.175 million. The securities rank pari passu amongst themselves. The securities issued by SES are unconditionally and irrevocably guaranteed by SES AMERICOM INC. In January 2024, the €550 million hybrid bond was called and repaid from existing cash resources.
In September 2024 SES has issued additional EUR 1 billion of Hybrid bonds, split in two tranches, under the current EMTN Programme (see EMTN Programme section). The Maturity Date of these Hybrid bonds is set to 30 years, however the first agreed upon First Call Dates are set for 2029 and 2032, respectively.
In 2024 the Group repurchased in the open market an aggregate amount of EUR 38 million in principal amount of its EUR 625 million Deeply Subordinated Fixed Rate Resettable Securities issued on 27 May 2021. In accordance with the terms and conditions of the Securities, the purchased Securities will be cancelled. Following these transactions, the outstanding principal amount of the Securities at the year-end was EUR 588 million.
As per 31 December 2024, the following Hybrid bonds were outstanding:
| ISIN | Bloomberg Code | Issue Date | Amount in EUR | Coupon | Maturity | First Call Date |
| XS2010028343 | BP5739076 | 27 May 2021 | 588m | 2.875% | Perpetual | May 2026 |
| XS2898762864 | YV5348631 | 12 September 2024 | 500m | 5.50% | 12 September 2054 | September 2029 |
| XS2899636935 | YV5405498 | 12 September 2024 | 500m | 6.00% | 12 September 2054 | June 2032 |
Documents:
USD 144a Bonds
SES and SES AMERICOM INC. respectively have issued the following senior unsecured obligations which rank pari passu with all other unsecured senior indebtedness of SES. The notes issued by SES are unconditionally and irrevocably guaranteed by SES AMERICOM INC. and - vice versa - the notes issued by SES AMERICOM INC. are unconditionally and irrevocably guaranteed by SES.
As per 31 December 2024, the following USD Bonds were outstanding:
| ISIN Security Code | Bloomberg Code (SESGFP) | Issue Date | Amount in USD | Coupon | Maturity |
| USL8175MAC49 | EJ6108934 | 04 Apr 2013 | 250m | 5.300% | 04 Apr 2043 |
| US78413KAB89 | EK1316604 | 25 Mar 2014 | 500m | 5.300% | 25 Mar 2044 |
The notes will not be and have not been registered under US Securities Act of 1993 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Schuldschein
In 2012 and 2018, SES placed in total three individual Schuldschein Loans in the German Bond ("Schuldschein") market for an aggregated amount of EUR 450 million comprising a EUR 150 million floating tranche and two fixed rate tranches with a coupon of 1.71% and 4.00% respectively. On 18 June 2024 EUR 150 million floating tranche has been repaid.
As per 31 December, the following Schuldshein Bonds were outstanding:
| Currency | Issue Date | Amount in EUR | Coupon | Maturity | |
| Schuldschein | EUR | 18 Dec 2018 | 250m | 1.710% | 18 Dec 2025 |
| Schuldschein | EUR | 12 Nov 2012 | 50m | 4.250% | 12 Nov 2032 |
Syndicated Credit Facility
On 26 June 2019, SES renewed its syndicated credit facility of EUR 1.2 billion Revolving Credit Facility with a syndicate of 19 banks.
In 2024 the Company extended the Termination Date from 26 June 2026 to 26 June 2028.
| Currency | Signing Date | Amount in EUR | Interest Rate | Maturity | |
| Syndicated Credit Facility | EUR | 26 June 2019 | 1,200m | EURIBOR+45bps | 26 June 2028 |
European Investment Bank (EIB) Financing Facilities
EUR 300 million (2029)
On 16 December 2022 SES signed the seven-year contract with EIB which will support the funding of SES’s three fully digital satellites serving Western Europe, Africa and the Middle East.
EUR 125 million (2026)
On 23 December 2024, SES signed a finance contract with the EIB to support the funding of a satellite constellation project. Final availability date falls 24 months after the signature of the contract.
EUR 25 million (2026)
On 23 December 2024, SES signed a finance contract with the EIB to support the funding of a satellite communications system for rural Central Asia. Final availability date falls 24 months after the signature of the contract.
Commercial Paper Programmes
European Commercial Paper Programme
SES has a European commercial paper programme in place with a total programme size of EUR 1,000 million. This enables short term borrowings of up to 183 days. The borrowing facility is rated by Moody's Investors Service Ltd. and Fitch and is updated periodically.