Eutelsat raises fresh debt

Satellite operator Eutelsat has successfully placed new five-year bonds for a total of €500 million.

The company said it had taken advantage of current attractive market conditions to raise long-term financing. It said the debt, together with other sources of cash on its balance sheet, would enable it to redeem at maturity the outstanding Bonds issued on 26 March 2010 for a total principal amount of €850 million

The company said the move would enable it to reduce its financial charges by about €30 million before tax on an annualized basis from March 2017.