Latest news with #SSNs
Business Upturn
3 days ago
- Business
- Business Upturn
SES Successfully Prices €1 Billion Dual-Tranche Bond Offering with Strong 5.5x Oversubscription
Luxembourg: NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE UNITED STATES), OR TO ANY US PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933), OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. SES S.A. today announced the successful launch and pricing of a dual-tranche note offering in which the company has agreed to sell senior unsecured fixed rate notes under its €5,500,000,000 EMTN Programme (the 'Notes'). Settlement is expected to take place on 24 June 2025: EUR 500 million of Notes will bear a coupon of 4.125% due in 2030. EUR 500 million of Notes will bear a coupon of 4.875% due in 2033. SES is rated Baa3, negative outlook by Moody's and BBB, negative outlook by Fitch. SES shall apply the net proceeds of the Notes towards its general corporate purposes, including, without limitation (i) financing all or part of the purchase price of the acquisition of Intelsat Holdings S.A. ('Intelsat' and Intelsat and its subsidiaries being the 'Intelsat Group') (the 'Acquisition') (including the payment of fees, costs and expenses in relation to the Acquisition) and/or (ii) refinancing existing indebtedness of the Group and/or (following closing of the Acquisition) the Intelsat Group. Promptly following the Issue Date, SES intends to cancel the bridge facility in relation to the Acquisition in an amount at least equal to the net proceeds of the Notes. SES also announces that, to further optimise the debt structure of the combined entity following the Acquisition, it intends to redeem (in aggregate) up to US$ 3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings SA ('SSNs') on, and conditional upon, closing of the Acquisition and settlement of the Notes. This will be achieved by the redemption of part or all of the SSNs in accordance with the optional redemption provisions governing the SSNs. Additionally, SES may from time to time conduct open market purchases of the SSNs. Deutsche Bank and Morgan Stanley acted as Global Coordinators and Joint Bookrunners, together with Goldman Sachs International, ING, J.P. Morgan, Société Générale as Joint Bookrunners. The settlement is scheduled for 24 June 2025 and application has been made for the Notes to be listed on the Luxembourg Stock Exchange. The securities were placed with a broad range of institutional investors across Europe and Americas region. The successful, pricing of €1 billion dual-tranche bond offering, provides SES enhanced financial flexibility which in combination with an existing strong balance sheet gives SES sufficient liquidity to cover upcoming maturities. This reflects SES's disciplined financial policy and commitment to investment grade metrics and sets the combined company on a strong footing for long-term balance sheet strength. Sandeep Jalan, outgoing CFO of SES commented: 'We are delighted with the successful conclusion of this bond note offering, which reflects the market's strong confidence in SES as a quality investment grade credit. The impressive 5.5x oversubscription of the order book demonstrates the deep commitment of investors to SES's strategic vision and long-term value creation. With the anticipated closing of the Intelsat transaction in H2 of 2025, this marks the final step in our market access related to the financing of the Intelsat acquisition—an important milestone in our growth journey.' Follow us on: Twitter | Facebook | YouTube | LinkedIn | Instagram Read our Blogs > Visit the Media Gallery > About SES SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous earth orbit (GEO) fleet and medium earth orbit (MEO) constellation of satellites, offering a combination of global coverage and high-performance services. By using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Business Wire
3 days ago
- Business
- Business Wire
SES Successfully Prices €1 Billion Dual-Tranche Bond Offering with Strong 5.5x Oversubscription
LUXEMBOURG--(BUSINESS WIRE)--NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE UNITED STATES), OR TO ANY US PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933), OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. SES S.A. today announced the successful launch and pricing of a dual-tranche note offering in which the company has agreed to sell senior unsecured fixed rate notes under its €5,500,000,000 EMTN Programme (the "Notes"). Settlement is expected to take place on 24 June 2025: EUR 500 million of Notes will bear a coupon of 4.125% due in 2030. EUR 500 million of Notes will bear a coupon of 4.875% due in 2033. SES is rated Baa3, negative outlook by Moody's and BBB, negative outlook by Fitch. SES shall apply the net proceeds of the Notes towards its general corporate purposes, including, without limitation (i) financing all or part of the purchase price of the acquisition of Intelsat Holdings S.A. ('Intelsat' and Intelsat and its subsidiaries being the 'Intelsat Group') (the 'Acquisition') (including the payment of fees, costs and expenses in relation to the Acquisition) and/or (ii) refinancing existing indebtedness of the Group and/or (following closing of the Acquisition) the Intelsat Group. Promptly following the Issue Date, SES intends to cancel the bridge facility in relation to the Acquisition in an amount at least equal to the net proceeds of the Notes. SES also announces that, to further optimise the debt structure of the combined entity following the Acquisition, it intends to redeem (in aggregate) up to US$ 3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings SA ("SSNs") on, and conditional upon, closing of the Acquisition and settlement of the Notes. This will be achieved by the redemption of part or all of the SSNs in accordance with the optional redemption provisions governing the SSNs. Additionally, SES may from time to time conduct open market purchases of the SSNs. Deutsche Bank and Morgan Stanley acted as Global Coordinators and Joint Bookrunners, together with Goldman Sachs International, ING, J.P. Morgan, Société Générale as Joint Bookrunners. The settlement is scheduled for 24 June 2025 and application has been made for the Notes to be listed on the Luxembourg Stock Exchange. The securities were placed with a broad range of institutional investors across Europe and Americas region. The successful, pricing of €1 billion dual-tranche bond offering, provides SES enhanced financial flexibility which in combination with an existing strong balance sheet gives SES sufficient liquidity to cover upcoming maturities. This reflects SES's disciplined financial policy and commitment to investment grade metrics and sets the combined company on a strong footing for long-term balance sheet strength. Sandeep Jalan, outgoing CFO of SES commented: 'We are delighted with the successful conclusion of this bond note offering, which reflects the market's strong confidence in SES as a quality investment grade credit. The impressive 5.5x oversubscription of the order book demonstrates the deep commitment of investors to SES's strategic vision and long-term value creation. With the anticipated closing of the Intelsat transaction in H2 of 2025, this marks the final step in our market access related to the financing of the Intelsat acquisition—an important milestone in our growth journey.' About SES SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous earth orbit (GEO) fleet and medium earth orbit (MEO) constellation of satellites, offering a combination of global coverage and high-performance services. By using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at:
West Australian
4 days ago
- Politics
- West Australian
Mark Schneider: WA can help AUKUS by managing low-level radioactive waste
As Australia navigates renewed uncertainty surrounding the AUKUS agreement following news of a formal Pentagon review, there's never been a more critical time to demonstrate our capability and readiness as a trusted partner. While much of the focus has been on the strategic implications of nuclear-powered submarines, one overlooked area where Australia can show clear leadership is in the management of radioactive waste. Historically, nations have struggled to manage radioactive waste from the various nuclear programs they support whether from nuclear research, power, medicine, submarines, or other applications. Australia has been no different. But unlike many countries that built complex, costly interim waste storage infrastructure, Australia has an opportunity to leapfrog traditional models and adopt a more efficient, sovereign solution in support of the AUKUS submarine program. With the commencement of Submarine Rotation Force West (SRF-West), conventionally armed, nuclear-powered submarines (SSNs) from the United States and United Kingdom will begin undergoing maintenance in Western Australia at facilities in Henderson and HMAS Stirling. Based on my 23 years of nuclear power operations, I can confirm that every maintenance period generates low-level radioactive waste. This typically includes gloves, cloth wipes, gasket materials, paper, and the plastic bags used for containment. The radiation from these items is so minimal it often won't even penetrate the yellow plastic bags they're stored in. Traditionally, both the US and UK store this waste in large warehouses that require highly trained staff and complex ventilation systems while accumulating enough material to justify transport to a long-term disposal site. But what if we could remove that middle step entirely? Western Australia is already home to Sandy Ridge, a geologically stable facility with First Nations approval that accepts low-level radioactive waste from across Australia, including from mining, state governments, and medical institutions. Most of this waste is the same type — gloves, wipes, and contaminated packaging and it is already processed and stored by experienced Australian professionals. My proposal is simple: rather than investing in temporary storage infrastructure at Henderson or HMAS Stirling, the Australian Submarine Agency should coordinate directly with the operators of Sandy Ridge to transport low-level radioactive waste from SRF-West maintenance events straight to permanent disposal. The company that owns and operates Sandy Ridge already has the logistics and technical expertise to handle this and can provide the necessary transport vehicles. The benefits are significant. Australia avoids the cost and complexity of building and maintaining new interim facilities. It demonstrates an efficient, forward-thinking approach to nuclear waste management. And most importantly, it underscores our ability to meet AUKUS-related obligations with sovereign, best-practice solutions. As the US reviews the AUKUS pact and evaluates the role of its allies in defence burden-sharing, Australia must move decisively to show we are not just recipients of capability, but contributors to it. Managing our nuclear waste efficiently, transparently, and safely is one of the most tangible ways to do that. Mark Schneider is the Chief Nuclear Officer for UBH Group Ltd
Scoop
7 days ago
- Business
- Scoop
AUKUS: A Very Antipodean Stupidity
Call it abandonment, anxiety, or just latent stupidity. The messy goo of feelings and fuzzy notions behind Australia's most injudicious strategic decision is yielding its nasty harvest. Conceived by paranoid armchair strategists, flabby think tankers and profligate spenders happy to expend other people's money, the tripartite agreement between Australia, the United Kingdom and the United States is rapidly unravelling. Even during the Biden administration, under whose bumbling watch this agreement was hatched, there were doubts. The ogrish price tag (US$239 billion or A$368 billion) that would be billed to the Australian taxpayer; the absurd time schedules (delivery of nuclear-powered submarines by the 2030s and 2040s); the contingencies and qualifications (Congressional concerns about transferring Virginia Class (SSN-774) submarines to the Royal Australian Navy), all pointed to the fact that Canberra had fallen for a lemon, childishly refusing to taste its stinging bitterness. The central point of the tediously named Pillar One of the AUKUS agreement (there is no pillar, one or otherwise), which involves the transfer of US Virginia class boats to the RAN – was always its viability. While President Joe Biden was gradually losing his faculties in the White House, the Congressional Research Service was pertinently noting the obstacles that would face any transfer. The CRS report released on May 22, 2023 was the sort of thing that should have alarmed Australian defence planners, instead of turning them into paid up ostriches dreaming of consultancies. For one thing, it made it clear that Congress was always going to be the one to convince in the matter. 'One issue for Congress is whether to approve, reject, or modify DOD's AUKUS-related legislative package for the FY2024 NDAA [National Defense Authorization Act] sent to Congress on May 2, 2023'. That package included the authorisation for the transfer of 'up to two Virginia-class SSNs to the government of Australia in the form of sale, with the costs of the transfer to be covered by the government of Australia.' There were also weighty doubts about the 'net impact on collective allied deterrence and warfighting capabilities of transferring three to five Virginia-class boats to Australia while pursuing the construction of three to five replacement SSNs for the US Navy'. This is a point that has never gone away. To give, even to an ally, and a perceived advantage yet diminish, however small and fictional, the supposed power of the US submarine fleet, is never going to take place if the annual production of 1.2 Virginia boats remains as it is. Mississippi Senator Roger Wicker was always of the view that 'the AUKUS plan would transfer US Virginia-class submarines to a partner nation even before we have met our own Navy's requirements.' The fact that the Trump administration is now conducting a review of AUKUS can be seen as a mere formality – for those who think formalities smooth matters. The Australian Defence Minister Richard Marles certainly hopes so, calling it 'a completely natural step for an incoming government to take.' That Yankee stronghold of renown in Canberra, the Australian Strategic Policy Institute, apes the line with simian consistency: 'It's normal, after a change of government, for a new administration to review existing commitments in the light of new policy priorities: in this case, 'America First'.' But nothing about the Trump government is a formality, or any review's outcome a foregone conclusion. The presence of Undersecretary of Defense Policy Eldridge Colby should be disconcerting to the AUKUS band leaders and comparisons to Britain's own review of the pact by Sir Stephen Lovegrove should be seen as fantastically distant. 'AUKUS,' in Colby's assessment, 'is only going to lead to more submarines collectively in 10, 15, 20 years, which is way beyond the window of maximum danger, which is really this decade.' Putting to one side the warmongering stirring in the latter part of the statement, Colby is certainly not wrong about the time that will elapse before any delivery takes place. Down under, the strategists are scurrying and fretting, a sight that is proving enormously entertaining. But the political classes have only themselves to blame for this pigsty of a conundrum. As former Australian Prime Minister Malcolm Turnbull notes with snappy precision, the AUKUS agreement is perfectly positioned for the US to not follow through. It can still stick to the letter of the agreement without having to ever transfer a single submarine to Australia, all the time raking in Australian largesse. 'This is because it has always been part of the deal, and part of the US legislation, that the transfer of submarines to Australia is highly conditional.' The legislation in question notes that the President will submit to the relevant congressional committees and leadership a certification no later than 270 days prior to the transfer of vessels that the move 'will not degrade the United States underseas capabilities'; is consistent with the country's foreign policy and national security interests and furthers the AUKUS partnership. That furtherance, however, involves the US ensuring 'sufficient submarine production and maintenance investments' that will meet undersea capabilities; Australia supplying 'appropriate funds and support for the additional capacity required to meet the requirements' under the provisions; and Canberra's 'capability to host and fully operate the vessels authorized to be transferred.' The latest development in this overpriced show shows it up as a series of fictions: for Australia, the boyish hankering for nuclear powered submarines in the first place; for the United States, the fact that it needs more nuclear armed boats in order to look more ridiculous in having an arsenal it can never use. It was the military industrial complex in full song, nourished by expensive games, dubious scenarios and drab excuses for war. With Donald Trump in the White House, the Make America Great Again philosophy mushes the terminology of sweet friends and mortal foes, turning it into the mortar of self-interest. Washington's interests come first, and Australia's own idiotically misplaced interests are barely visible in the White House situation room. Then again, never ask Australian strategic thinkers about their interests, ever the hostage of governing fears and treasured prejudices.
Yahoo
02-06-2025
- General
- Yahoo
Voices: I'm a former submariner – here's what you need to know about Britain's new nuclear fleet
During the Cold War, and for a short time following the collapse of the Soviet empire, the United Kingdom had a fleet of submarines: the strategic deterrent, the hunter-killer fleet boats, and the diesel submarine flotillas. We could justly say that we could act – independently and with our allies – across the world, and in any theatre of war. Yet following the end of the Cold War, political decisions were made on the assumption that we no longer needed such capable forces; the peace had been won. We lost all of our diesel submarines with one sweep of the political pen; we reduced the number of SSNs (nuclear-powered attack submarines) from a combined force of 13 Swiftsure and Trafalgar class, replacing them with highly effective but limited numbers of the Astute class (seven in total); we whittled down the shore support that would keep the boats we had at sea for longer. We stopped investing in the shore facilities that would support our submarines and provide a decent home for our submariners. Numbers matter – it is a stark and irrefutable fact. From early in the last decade, it has become self-evident that there is a resurgent Russia. The military has known this for a considerable amount of time, and submariners never believed that the Cold War had ended. Unfortunately, most politicians have felt it unpalatable to accept the truth of the in-house briefings and the obvious facts. In reality, we have needed to make significant steps towards re-arming and increasing our fleet capability for a decade or more. This week's announcement, therefore, of the intent to procure 12 replacement SSNs for the Astute class vessels, is a very welcome political acknowledgement of a military reality – and may, in time, bring us back somewhere towards where we need to be to fulfil our standing obligations, nationally, internationally, and reactively. Increases in capability are important – they keep you at the cutting edge of war fighting and able to stand up in the most challenging of arenas – but so are raw numbers. You can have the most capable ship in the world, but if you only have one, it is vulnerable, either to mechanical failure or to enemy action. Only with numbers do you have some sort of tactical resilience and the ability to show that you can project maritime power and influence beyond your own borders. Over the past few years, the Royal Navy has suffered from a well-publicised lack of available Astute-class subs. While the reasons for this are complicated, a significant factor is the sparing strategy adopted by the Ministry of Defence. Without a decent cache of spares, a routine mechanical issue becomes an operational showstopper. A flotilla of seven SSNs provides some (but arguably nowhere near enough) strategic resilience to respond to international maritime demands. Once you have a submarine on a long maintenance period, two on short maintenance periods, two on operational stand-down periods and one with a short-term defect, you very quickly run out altogether. When balanced against the above availability, the permanent operational demands of having a submarine ready to protect home waters, plus one ready to deploy to protect longer-distance interests and one potentially supporting carrier-group operations or Nato exercises, means that there is no surge capacity or room for contingent operations. What this new announcement must not become is a short-term political statement that fails to materialise as a result of budgetary constraints. To give our fleet the tools to do the job of defending our nation, we must have at least 12 hunter-killer submarines. A further discussion could then be had about strengthening our strategic deterrent flotilla, and the rest of our maritime, land, and air-defence offering. The sledgehammer of Putin's military stance has finally cracked the UK's political nut. Let us hope that we turn this intent into a reality, sign the contracts, and start the process that will regrow our defensive capability into something that can properly deter and protect our nation from an increasingly risky maritime environment. David Bessell is a former career command-qualified submariner
