Eutelsat completes refinancingThe main shareholders of Eutelsat, including Eurazeo which controls 36.3 per cent of the voting rights, Nebozzo (22.0 per cent, regrouping Spectrum Equity Investors’ and Texas Pacific Group’s interests), Cinven (16.7 per cent) and Goldman Sachs Capital Partners (10.1 per cent), have consolidated their respective holdings within a new entity, SatBirds, which now holds over 85 per cent of Eutelsat’s share capital.
This transaction, which was conducted with the active participation of Eutelsat’s management will allow for the stabilisation of Eutelsat’s shareholder base, the maintenance of an appropriate capital investment program, and the preparation of the company’s anticipated IPO.
In connection with this reorganisation the shareholders initiated a EUR 2.4 billion financing consisting of EUR 1.625 billion of senior debt, EUR 475 million of Second Lien and EUR 300 million of PIK debt. The financing, which is non-recourse to Eutelsat SA’s assets, was led by BNP Paribas and Goldman Sachs, with Deutsche Bank, Bank of America and Royal Bank of Scotland also participating in the transaction.
Eutelsat’s other shareholders will shortly be provided the opportunity to participate in this transaction under similar conditions, thereby further strengthening the shareholder base of Europe’s leading satellite operator.