Monitor the October 6 settlement and subsequent use of proceeds to retire the 2027 notes. The bond's 5.625% coupon versus the replaced notes will determine net interest cost impact; watch for any credit rating agency commentary post-refinancing.
Price Chart
Executive Summary
SES S.A. priced a EUR 500 million senior unsecured bond offering due 2031 with a 5.625% coupon. Proceeds will refinance existing 2027 notes and support deleveraging, a credit-positive move that extends maturity and reduces near-term refinancing risk.
Key Facts
- EUR 500 million senior unsecured fixed rate notes priced at 99.667% of nominal value
- Coupon of 5.625%, due 2031
- Proceeds used for general corporate purposes and refinancing of EUR 500 million Guaranteed Notes due November 2027
- Settlement scheduled for October 6, 2026
- SES rated Ba1 (stable) by Moody's and BBB- (stable) by Fitch
Financial Impact
EUR 500 million bond issuance refinancing EUR 500 million of 2027 notes, extending maturity by ~4 years at a fixed 5.625% coupon
Risk Factors
- Higher interest expense if the new 5.625% coupon exceeds the maturing notes' coupon
- Execution risk on refinancing the 2027 notes as planned
- Macroeconomic conditions could pressure SES's credit profile and future access to capital markets
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-408346 |
| Document: d214178dex991.htm | 0001193125-26-408346 |
| Document: 0001193125-26-408346-index-headers.html | 0001193125-26-408346 |
| Document: 0001193125-26-408346-index.html | 0001193125-26-408346 |
| Document: 0001193125-26-408346.txt | 0001193125-26-408346 |
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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