SES Places € 650 Million Euro Bond

1 March 2010

SES S.A. has successfully placed a €650 million ten-year Eurobond. The bond, issued by SES S.A. and guaranteed by SES Global Americas Holdings GP, was priced at 99.467 with a coupon of 4.625% (Mid-Swap +135 bps). SES is rated Baa2/BBB/BBB (all stable).

With this transaction, SES S.A. takes advantage of the attractive financing conditions and strong appetite from investors for corporate bonds, in particular in the longer-dated segment to extend its debt maturity profile. This transaction represents the longest-dated Eurobond issued by the company, and its return to the debt capital markets after its last public transaction in June 2009 when it placed a €650 million five-year bond.

The transaction was more than 4.5 times oversubscribed with orders from nearly 200 investors. This warm reception allowed a placement of the bonds toward the highest quality investor base with asset managers representing 78% while insurers and pension funds took 8%. Investor interest was well spread across Europe with UK 35%, Germany 31% France 14% and RoE representing 20%. Finally, the bond was priced at the tight end of the price guidance.

Bank of America-Merrill Lynch, Barclays Capital, BNP Paribas, Commerzbank and Credit Suisse acted as joint bookrunners.

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