Content Distribution SES funding
Luxembourg-based satellite operator
SES has secured a Euro 2 billion
syndicated facility from a consortium
of 23 banks. This positive outcome is
somewhat larger than the company
had initially intended.
Chris Forrester reports.
Funding backs SES growth
T
he deal was signed on 23 remains, but it is now more likely to
April. Mark Rigolle, CFO of be at the end than at the beginning
SES, said the original plan of the 2010-2012 window,” said
was to secure Euro 1.5 billion Bausch. “Digital satellite is developing
of financing and the offering nicely, and at the end of last year
was significantly over- Germany had only about six million
subscribed. “The sheer size [of the analogue satellite boxes remaining.
transaction] and its conditions are The bigger problem is cable, because
good, and helps us ensure liquidity for most cable households still receive
longer than initially hoped,” he said. their signals on analogue. In the
“The conditions and spreads are absence of investment by cable
relatively attractive compared with a operators obviously the switch-off of
comparable bond issue, for example.”
Above, diagram
analogue signals would mean that
Rigolle explained that this has been
showing the SES
global structure.
those homes would get no TV.
the only true syndicated facility that Right, the SES?Astra Investments must also be made at
has been launched during the past
dish farm.
the head-ends. The final driver in
several months where - in this case - terms of an actual switch-off will be
the initial 10 banks did not get ‘stuck’ the development of cable’s move to
with the full amount, but by adding in digital.”
another 13 banks permitted SES to Bausch continued: “We brought
spread the burden to a wider portfolio three satellites into operation in the
of lenders and to upscale the offering. quarter [Astra 1M, Ciel-2, NSS-9]. With
Between now and the end of 2011 business developing according to plan
Romain Bausch, president of SES, said and with new finance facilities
the company will add an extra 204 secured, we look forward to reporting
transponders to its own fleet, plus
utilisation is 79.6%, or the equivalent
further progress as we move through
being responsible for extra capacity
of 880 commercialised transponders
the year.” Bausch explained that Astra
on projects like Abu Dhabi-based
in full use. “Good growth, up 8.4%,
5A had now been placed into a
YahSat. SES’ own fleet expansion adds
and recurring revenues up 3.1%,” said
graveyard orbit, and that Astra 2C
19% to today’s available capacity of
Bausch.
would be moved temporarily to 31.5
some 1105 transponders (as at 31
Bausch specifically addressed the
deg East.
March). The news emerged during
analogue capacity currently taken by
“The world economic situation
SES’ recent Q1 results presentation.
German broadcasters, saying that
continues to be uncertain,” Bausch
SES’ current group-wide transponder
their original ‘analogue switch off
said. “Should the recessionary
timetable’ set for 2010-2012 would
environment last into 2010, it is
SES – The numbers (Euros million)
now likely happen “towards the end
possible that SES might suffer some
of that date”. Bausch said that new
negative impact, whether through the
Q1, 2009 Q1, 2008 +/-
high-definition transmission plans
reduction of growth initiatives or as a
Revenues 439.9 390.9 8.4%
from German broadcasters like ARD-
result of customers experiencing
Op-expenses (115.0) (115.7) 0.6%
ZDF, Premiere, Pro Sieben and RTL
difficulties. However, at this point, SES
EBITDA 308.9 275.2 12.2%
would also take place over the next
has experienced no direct negative
months and years. “Our guidance
impact. The majority of our customers
8 l ibe l may/june 2009 l www.ibeweb.com
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