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Eutelsat S.A. - Tender Offer 2024 (FR) - Update

Eutelsat S.A. Announces the Success of Its Offering of €600 Million Senior Notes Due 2029

28 MARCH 2024


Full announcement including disclaimers and offer restrictions available via Businesswire: Source: Eutelsat S.A.


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"Eutelsat S.A. (Paris:ETL) (LSE:ETL) (the “Company”) announced today the success of its offering (the “Offering”) of €600 million in aggregate principal amount of senior notes due 2029 (the “New Notes”).


The New Notes will bear interest at an annual rate of 9.750% and will be issued at a price of 100% of their par value.


The Company intends to use the gross proceeds from the Offering, together with cash on hand, to (i) fund the repurchase of its €800 million 2.00% bonds due 2025 (ISIN: FR0013369493) (the “Existing Notes”) in its previously announced tender offer (the “Tender Offer”, and together with the Offering, the “Transactions”) (ii) redeem the remaining Existing Notes at their principal amount on the maturity date of the Existing Notes and (iii) pay the fees and expenses in connection with the Transactions.


The issuance of the New Notes and the settlement of the Tender Offer are expected to take place on April 8, 2024, subject to customary conditions."


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EUTELSAT S.A. (a joint-stock company (société anonyme) established under the laws of the Republic of France) (THE “COMPANY”) ANNOUNCES THE LAUNCH OF A TENDER OFFER TO THE QUALIFYING HOLDERS OF ITS OUTSTANDING €800,000,000 2.00 PER CENT. BONDS DUE 2025 (OF WHICH €800,000,000 ARE CURRENTLY OUTSTANDING) (ISIN: FR0013369493) (THE “EXISTING NOTES”)

25 MARCH 2024


Full announcement including disclaimers and offer restrictions available via Luxse




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"On the terms and subject to the conditions contained in the Tender Offer Memorandum, the Company invites each Qualifying Holder (subject to the offer restrictions contained in the Tender Offer Memorandum) to tender its Existing Notes for purchase by the Company (the “Tender Offer”) in a cash amount to each Qualifying Holder equal to the Tender Consideration and the Accrued Interest Amount upon the terms and subject to the conditions of the Tender Offer as further described below.


The Company will announce, as soon as practicable on 4 April 2024 (i) whether it will accept, subject to satisfaction or waiver of the Transaction Condition, for purchase any offer of Existing Notes; and if so (ii) the aggregate principal amount of Existing Notes tendered and accepted for purchase, (iii) the Accrued Interest in respect of Existing Notes tendered and accepted for purchase, and (iv) the aggregate principal amount of Existing Notes that remains outstanding after the Settlement Date.


Terms of the Tender Offer


(a) The amount in cash payable to each Qualifying Holder by the Company for the Existing Notes validly tendered and accepted by it for purchase pursuant to the Tender Offer will be an amount equal to the aggregate of (i) the Tender Consideration and (ii) the Accrued Interest Amount.


(b) The Settlement Date is expected to take place on 8 April 2024, on which date the Company will pay the Tender Consideration and the Accrued Interest Amount to each Qualifying Holder who has validly tendered for purchase its Existing Notes under the Tender Offer and whose tenders have been accepted.


(c) The Company may reject tenders of Existing Notes for purchase that it considers, in its sole discretion, not to have been validly made and the Company is under no obligation to any relevant holder of Existing Notes to provide any reason or justification for refusing to accept any such tender of Existing Notes for purchase.


(d) The acceptance for purchase by the Company of Existing Notes validly tendered pursuant to the Tender Offer is at the sole discretion of the Company and is subject, without limitation, to, and conditional upon, on or before the Settlement Date, the settlement of the issue of the New Notes to the satisfaction of the Company (the “Transaction Condition”).


(e) The Company has announced on the date hereof its intention to issue new euro denominated senior unsecured notes (the “New Notes”).


(f) 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.


Tender Offer Price


The Tender Offer Price is 98 per cent. of the principal amount of the Existing Notes."


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