SATS prices US$500m worth of bonds at 4.828%

The bonds are due in five years.

SATS has priced its inaugural issue of US$500 million senior unsecured notes due 23 January 2029 at 4.828%.

“The notes are immediately converted into Euros through a cross-currency swap to achieve a fixed rate of 3.498% per annum to match the currency of the existing bridge loans to hedge the company's foreign currency exposure,” SATS explained.

SATS will list the notes on the SGX-ST on 24 January.

SATS will use the net proceeds from the notes issuance to refinance part of its existing €1b ($1.5b) bridge loans maturing in May 2024.

The notes represent the first issuance of SATS’ US$3b multicurrency debt issuance programme established on 17 November 2023, known as the EMTN Programme.