USD 1.4 billion of debt refinanced at lower rates, generating EUR 60 million of annual financial costs savings from 2017
LUXEMBOURG - Thursday, January 12th 2017 [ME NewsWire]
(BUSINESS WIRE)-- SES S.A. (Euronext Paris:SESG) (LuxX:SESG) today announced the refinancing of the remaining O3b debt.
Since acquiring the remaining shares in O3b, SES has refinanced the entire USD 1.4 billion of gross debt at a materially lower average funding rate. This will deliver a total of approximately EUR 60 million of annual finance cost savings, starting from 2017.
The refinancing was funded using cash that was available at Group level, which included the proceeds of the hybrid bond issued by SES S.A. in November 2016. SES's weighted average cost of funding is around 4%, which is significantly lower than the average cost of the previous O3b debt.
“The early completion of the O3b debt refinancing is an important source of value creation fo
Read more »