Eutelsat Communications SA (ETLFP)

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Eutelsat Communications SA (ETLFP)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
HYC	COMM	PRCD	ETLFP	Eutelsat Communications SA	€1,500		2	EMEA	Feb 25, 2026

Tranche #1 Eutelsat Communications SA

currency

EUR

size (m)

850.000

maturity

Mar 15, 2031

type

Fixed

tenor

5.000

call

2.00

registration

144A/Reg S

benchmark

DBR

ranking

Sr. Unsecured

moody's

Ba3

s&p

fitch

size description

re-open/tap

ipt

6.375% area

ipt-pxd

guidance

6.00%-6.25%; Final 5.875% area (+/-12.5)

spread

350

coupon

5.75%

spread set

price

100.00000

yield

5.75%

book size (m)

peak book (m)

x-covered

book attrition

nic

left lead

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

left lead

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

Tranche #2 Eutelsat Communications SA

currency

EUR

size (m)

650.000

maturity

Mar 15, 2033

type

Fixed

tenor

7.000

call

3.00

registration

144A/Reg S

benchmark

DBR

ranking

Sr. Unsecured

moody's

Ba3

s&p

fitch

size description

re-open/tap

ipt

6.875% area

ipt-pxd

guidance

6.50%-6.75%; Final 6.375% area (+/- 12.5)

spread

380

coupon

6.25%

spread set

price

100.00000

yield

6.25%

book size (m)

peak book (m)

x-covered

book attrition

nic

left lead

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

left lead

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

Tranche Comments

First Pay: 2026-09-15; Redemption: 2028-03-15; Registration: 144A/Reg S; Comments: CoC: 101%; First Pay: 2026-09-15; Redemption: 2029-03-15; Registration: 144A/Reg S; Comments: CoC: 101%;

Use of Proceeds

Fully redeem its $600m 2.25% sr notes due 07/13/27 (MWC B+40bp) and its EUR600m 9.75% sr notes due 04/13/29 (MWC T+50bp), and add EUR215m cash to the B/S (a new EUR400m term loan will be used to repay its existing EUR400m term loan).

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Explore all other Commentary & Deal Flow

	PRICED: Eutelsat E1.5bn sr notes 2-part, E850m 5NC2 5.75% at 100; E650m 7NC3 6.75% at 100	Feb 25, 2026
	FINAL PX TALK/SIZES: Eutelsat E1.5bn sr notes 2-part, E850m 5NC2 5.875%a; E650m 7NC3 5.875%a	Feb 25, 2026
	PX TALK: Eutelsat E1.5bn sr notes 2-part, 5NC2 6.00-6.25%; 7NC3 TBD, pxg tomorrow	Feb 24, 2026
	NEW ISSUE: Eutelsat E1.5bn sr notes 2-part, 5NC2 IPT 6.375%a; 7NC3 IPT 6.875%a, investor call today	Feb 23, 2026

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Eutelsat Communications SA (ETLFP)

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