The tender reduces leverage modestly, but the New Issue Condition introduces uncertainty about potential new debt issuance. Monitor for any subsequent financing announcement to assess net debt impact.
Price Chart
Executive Summary
SES announced final results of its cash tender offer for €500M 0.875% guaranteed notes due 2027, accepting €363.4M in principal (72.7% of outstanding) at a purchase price of 97.330% with a yield of 3.442%. The tender reduces gross debt by ~€363M, leaving €136.6M outstanding, and is subject to a New Issue Condition. This is a routine liability management exercise with modest credit-positive implications for the preferred security.
Key Facts
- SES accepted €363,397,000 in aggregate principal amount of its 0.875% guaranteed notes due 2027 (ISIN: XS2075811781) for purchase.
- Purchase price set at 97.330% of par, with a purchase yield of 3.442%.
- After settlement, €136,603,000 in aggregate principal amount of the notes will remain outstanding.
- Settlement expected on 7 October 2026, subject to satisfaction (or waiver) of the New Issue Condition.
- Accepted notes will be cancelled, reducing gross debt by approximately €363M.
Financial Impact
Debt reduction of approximately €363M (72.7% of the €500M note issue), with remaining €136.6M outstanding. No financial impact on revenue or earnings reported.
Risk Factors
- New Issue Condition not satisfied or waived could delay or prevent settlement.
- Remaining €136.6M of notes still outstanding — near-term maturity (Nov 2027) may require refinancing.
- No information on the terms of any new issue that may accompany this tender.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-414949 |
| Document: d145971d6k.htm | 0001193125-26-414949 |
| Document: 0001193125-26-414949-index-headers.html | 0001193125-26-414949 |
| Document: 0001193125-26-414949-index.html | 0001193125-26-414949 |
| Document: 0001193125-26-414949.txt | 0001193125-26-414949 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 6-K | $4.68 $4.19 | ▼ −10.47% | ▼ −10.33% | $4.65 (−0.64%) |
Sep 30, 2026 26d ago | 6-K | $4.94 $4.68 | ▼ −5.26% | ▼ −7.18% | $4.65 (−5.87%) |
Sep 24, 2026 4w ago | 6-K | $5.27 $4.65 | ▼ −11.76% | ▼ −11.35% | $4.65 (−11.76%) |
Sep 15, 2026 5w ago | 6-K | $5.20 $5.46 | ▲ +5.00% | ▲ +4.18% | $4.65 (−10.58%) |
Aug 18, 2026 9w ago | 6-K | $6.43 $5.82 | ▼ −9.49% | ▼ −9.29% | $4.65 (−27.68%) |
Aug 10, 2026 11w ago | 6-K | $6.16 $6.21 | ▲ +0.81% | ▲ +0.86% | $4.65 (−24.51%) |
Jul 31, 2026 12w ago | 6-K | $6.52 $6.20 | ▼ −4.91% | ▼ −8.42% | $4.65 (−28.68%) |
Jul 28, 2026 12w ago | 6-K | $8.01 $6.40 | ▼ −20.10% | ▼ −24.21% | $4.65 (−41.95%) |
Jun 18, 2026 18w ago | 6-K | $8.40 $7.33 | ▼ −12.74% | ▼ −10.36% | $4.65 (−44.64%) |
May 13, 2026 23w ago | 6-K | $9.22 $9.00 | ▼ −2.39% | ▼ −1.23% | $4.65 (−49.57%) |
US Market Status
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