Eutelsat S.A. Announces Offering of €600 Million Senior Notes Due 2029 and Offer to Purchase for Cash Its Outstanding Bonds Due 2025

Regulatory News:

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION. NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.

Eutelsat S.A. (Paris:ETL) (LSE:ETL) (the “Company”) announces today its intention to issue new Euro denominated senior notes due 2029 (the “New Notes”) subject to market conditions (the “Offering”) and launched a concurrent tender offer on its €800 million 2.00% bonds due 2025 (ISIN: FR0013369493), admitted to trading on the Luxembourg Stock Exchange (the “Existing Notes”) (the “Tender Offer”, and together with the Offering, the “Transactions”).

A mechanism of priority allocation in the New Notes may be applied at the sole and absolute discretion of the Company for holders of the Existing Notes who participate in the Tender Offer and who wish to subscribe to the New Notes.

The Tender Offer is being made on the terms and subject to the conditions set out in the tender offer memorandum dated 25 March 2024. The Company intends to use the gross proceeds from the Offering, together with cash on hand, to repurchase the Existing Notes in the Tender Offer and pay certain fees and expenses in connection with the Transactions. The Tender Offer is subject, among other conditions, to the successful completion of the issuance of the New Notes.

The purpose of the Tender Offer and the planned issuance of the New Notes is, amongst other things, to proactively manage the Company’s debt redemptions and to extend the debt maturity profile of the Company.

The Company will also enter into a new revolving credit facility agreement for an amount of €450 million (which may in certain circumstances prior to September 30, 2024, be increased up to €500 million) upon the completion of the Offering and cancel its existing revolving credit facility agreements. The Company does not anticipate drawing the new revolving credit facility on the issue date of the New Notes.

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Important notice

This press release constitutes a public disclosure of inside information under Regulation (EU) 596/2014 (16 April 2014) and Implementing Regulation (EU) No 2016/1055 (10 June 2016).