Obligation Eutelsat SA 2% ( FR0013369493 ) en EUR

Eutelsat SA

96.64 % ▲

France

FR0013369493 ( en EUR )

2% par an ( paiement annuel )

30/09/2025

Prospectus brochure de l'obligation Eutelsat SA FR0013369493 en EUR 2%, échéance 30/09/2025

100 000 EUR

800 000 000 EUR

02/10/2024 ( Dans 136 jours )

L'Obligation émise par Eutelsat SA ( France ) , en EUR, avec le code ISIN FR0013369493, paye un coupon de 2% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 30/09/2025

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Crédit Agricole CIB
Sociét Génrale Corporate &Investment
HSBC
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Co-LeadH eMlabnger
Date: 28September 2018

TABLE OF CONTENTS
Page
RIESPMRPONSKSEDL RSIBTANILOEFACT TY
TECTETO
URUM D
ISEN S E RNSTATE
FISFORMMATIENOT FOR INVESTORS
3
N AN
OANTS
BFOF RUESIRPCNMRDO ICNC
E ATICO IAL
NSS OENOEDR
T
TAXATIDON
SUGBESCOEV
GLNOERIN E DSIPINTIOFORRMNATES ODATIF BOY THERN E OBFEF ONREUDNTESCELSAT S.A.
4
9
34
38
ABERLVOIOPEUWT THE ISSUER
40
55
MENTS
56
65
91
PALTISSAR ION Y FOANOF RMD SALTERATIMSOEN
108
111
114
117
2

RESPONSIBLITY STAEMENT
Atsh oaifem tshPrpbueoec srsdpt iaeosctf te usihotsus c fctkahahc nsiioeonw, rfdolPtrirehodsnmg ipeglaeny.ti,fcootnrusn. m, aTcthhoie e rnIIdssacsouuneetrr a widacnectclhdae ptroeths e srifntheacasoptr,so p hnaosravidbl tinicegtodyn tba ftykaori re nntshf anrle oeinnocafmesori sonsmitaaohbtino illsen Pc kraeclooysen p ttooai caenfunesde ciuitn,r etthoeis
3

IMPORTANT INFORMATION FOR INVESTORS
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4

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5

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Theastni mapaulpbyreblPiistrkrlaiciea st wdcibatipoelsvp orhoneiaspcthbnesc us,tt ar aenaededuhdnp,s,eod s o I sotensrtbth ousauhe stIo r sevbrgeyd suy hsatourcaser mn iagar shnermstnkoataeerdcs ren rttal eaotrhlr ilyen evli sratgfovreacaemribflctrdeuec e r hatfahrtd actnyaioiohnhd trme a , tnhsiusntersdeoddeusc yrehoc er ntpahoa mntelrcinph flthrsoaeduoebrtirn egnvhe y mniptenu yoantey isfbisuoiosn rln rtisdemhuvhd ofaesites ewstpauido rwPyi erescnpdon hda ifdusbpecnrencfoplytuomei ectch sr nasduamoei oIsotuearltunarcyire oct sue.rnes, e. sog,bbuoapWerrohdilcvse edesrw uec v.nlote mnehdTde hea tnsiIosn stbuethirs
Tchoefr m Isttahcuhketseh cai leIyornasr cefnaufexm oynpr elnrgoureaf ratin me cotrheioapheutaenn tIcs'rira eeshnse os cnes, po ebsIusneeuiumetre n ietrtbs elptan hricefi tvhoe'sanltyioacvae rnt riur isarhofp tvs anuairon esdnw iyt ocdihy.ela tabfasebps,l hriybsa ntaihn e n ePdsrertyaetienp o sosain ps diunmnmobtlay trtetedvesacoesr it ppnutestiaeshni efinded irdrofeaeyn snirlcnaaottiuunmnrsdno etvdhies itpigancunieftyrorogfanortdr cnlyoetrmh s. incogfN thieonaemat tio oeeiomiof ropennms erlhsien aematrnraie terakrd ecdonhntetheneh ,c sa,eov lmfMs nsaMd iolnfaun atnrvtshae aitwbnnieaolcigyagnlees is ratlirer.s ao nso sN rf aonicte aenifhsronm fuorutreo ltatatpsthmedhm ter u ieo betl hirn .I,s iorAuncIse miMInals r eroueaskuefr ncaectagrhn'snot
Poptrthetisnhe iPaertlxoe asdncpivt eeac srtthoiutsihr shPmmaesouti sbptc e raecegnlg uyrs eo.ugupCoanetidrnot and ihoef nfirtdn oh, awefsicngai u erlxeiansfm utloitrnah,a mtt hioper nf eicgucfdrothen stea iIshneoeudmw r.noaasin dtc othtarelp s ofrinmatey dcviaabryl srtsealifgehrmtlny cfetr oisnm
Csetra inm seta emhatn asrce opnrteadincetdo hnesrofi nraien dfiocrawte rfdu-tlorek invge sta, emrndts, inplcausd inorg, objuet cniovte sl,imbatesd to,n
6

cersuttawaiFrten"oi tatiarmsefuwnnwcteiriar ctmmsxteidhap-Prposala,.o pTtihioeneoeuetklsniscapt"ora l"ki eeonetcwcia, annltIss,n"gmetoidtino unt a aaiunnesnas,sa"ttrdsad ih ttrimut ienmn acoamo noheednt uilfnrl,ye edtlnek ec"fl"r ylfud,u natlianctmc"s nednoaeatb ss oatnad otn"w yuebi",anRinsk erFi tlrcnimy ieals"e niw"vtm ktyeseattspakloa si ela"pcst,ca esf"n, inafectasomo, dsr""scl erwnmyoudrsn uwhio niaeamr"coa enrobret cduise-laoiu lltdnrt ietdan s-b,lhoatdrncto" uteiyfho, w.tihe ak"x", i inp et kdsdst, iwr" iotneosgnsgoebf s au usyfatnecslshdm tdit ip crtnaoweota"omorse det n oexeasars,pmirn td eesotnpmdhteser, c r"tn",ice ortncutrefbatcb" csaetcis oyu epte lyosioatanrlfxhupr,nrasdousrs e.te"uc etlno.ew ,Tir rter saeAe"slhbe alt , p erutedosmsiuoeypshr"s ro fcptonucohla e e hvagor ordheayfeaicr bhnst tl doen ti,elisteno ehtewsarorahaei"stas iuv o,i In tseuicoh sasa"otl hfnreoslecl, fbu iunutetevtidhehre rniacldi tn poo rnmene ty bdesh cdloai "iatir,trhas ateu"ielrosaortvcmn.ese sc hsto a,u.etb ftyhs fjUa,enocditsrt uheoin
Tfhaeoc tntro nioiskfods if be drofumewbealirs isnrcrgmegida-ltisebtoe fonk rordi iitanol g tmnhy u etfstprhmiseadoxt Ptameret mnoetht shotipmenteso i ctfwt ochauroins ncdmwayth ra airiatdne m-aleysnod okeoftia .knci thnaopeg nr,o syt sfrinao bltrcyoe rfisewmokmaerbndt-i slnta oahnecoi okoIisnintvueagoi nsfs trteaord tcie sophmron tes,euhn distmilc s.at P yrToohclnasisep udIescecsetu har.uecs rti Nsukeoar nlfwd rcraetisnyrsok tualoksehr
7

INFORMATION SOURCED FROM THIRD PARTIES
CtehrPtr aoIisnp uecftrousbm, eilateirvolnis acbtolhne,at tihnee Idsi nufeotr hishm aPs tnrosont pienoctduerps ehdnafser bnoetlmy nvt hserioufdrceped adsut ifrceohs ,m nwtfohricrdmha tipsoartn.eyp soudrcesd. iWnhtiles
8

RISK FACTORS
Tihnecv fofiansonctlPvtidroreosreswsts indchgpmeao ectruitnaeuts ilflsd.ca odlbsn ysbeumaiedlo warwat.fi rteyPh. oorenoPs irfpn caefencord trtaoim insvheama oitunoslvnkd e ipesgcalteo tssrao sonorsu fehtintaovhdu tl edts h hofimems e daPnrekrtitea o giltsdhpeoecd iifir ts tuhnofw,ne orni B npomicrnnlatdusdiedpopie oncn egs tfedivwnet e hnpincotu aervvte ielacsptrslueoaswthirp eotchternseoiv uiornfiled sktahlis
Temrasn idegfinwehdr inusthed bselcotiw.n entiled "Terms and Conditons ofthe Bonds" hal have the same
Tihnev rti IscsokotiuP sne ngaraboinsnye ribndpti cnthf/eceorihetlohirem tpe nuaIinaf tists vBesw,ain es.uio tntoao ehnnr Ar dhtad rscitdbh,thdaeb eaat li ts uhcoc ieBtodhu tohn oet onf neaheld isiIlnda retsrisictnoisinmrousfkoabs wneoh rs rym il dotewen robovefi eralnti tcyisoceuoufrw hvnrtes hpi c itbcheodsesri I rusatrPsa I osborueieteulr oe nhtsritleoop.meys m rw at rveeap emcPatranauotokisn,e prigii lsaoyan akb ncaltlnui,nlsisenet o wtvmwohr y dei an niyvgn itcsht ho,e pe vaaelos rmr aistnsotwynym t heioienrm i ccipnfst o pIhosdrsa ita l hcu boremot em iseciastuor acokilnodn ayth ts nhseaoirsn. ianleacs tob docceor uturmiprshreaoeierdn utensnraedtidadt salgs et tynwoe iod hbepbfniecthoy eo arrf rda betltftiheeaosrelnndce
1 RISK RELATING TO THE GROUP
ThGremo auisntpkocde r'ai durdlsrvietsuceenr,arcs teib lsoeoy ndfa. t bof Aeftlnehdoe ceto itwr t ahanrmeo e l trGoef ihsotkofuhe pt'i,s idhse wePhsbrneuoct rshiip fsneaekcrds tc,u bo sfuiiyt hmelndar nyalcsi Insao lostuehc cr aoevnxte dihaseatn,n o slcoyand uucklvohnder hstawahde nve iefrteo ranesncut laotos tdnrvice osortfh knseis t ci deG ofrouplrcduepr t'aml ios tiakniotelttnusryha.i t aeiToohne.
Risks inhernt obusines
The Group might not beable tomet itslaunch oractivation timeframes for new satellites
ThEeU 13TEGocfG )Lros SobAuornebsriovfTtlaio pQcrldeUl a tAaptphNnoesi reo Ts taveUtininMooddns e ,.do efKla OuvbcelyaNno lcpsenEh odC tmaTher ,seyKvGeOnrxoiaN srut i2pn0ECe'sg2 1Tws.ea VrtHsahTtveicl Setp,el euEitosf,rUef pTseioE rnsLicenr S(EgeoAU afs TtEnehHLd eOS rsTAset BeosI aRp urtD7euclCpe si1,t t3 eFhsne EiUaTslc nEtdeovrel LSAeU ainosTf uE sorL5ereS cbtAuihTWtriae tl HEScOTo y pnaot stBiIctnR,iuDeortntyasi,
The Group may not beable tokep tohe scheduled timetable for launching thes new satelites.
As adtigeusvlnraeetrtfiecesosasl,ui p, ntmwtoser eodna mtuecnoe lasd uetolr yd aimnbj ittsep eh gasctuyisv r,i rtelomhiehwetsa.vte ehe tGcaoitro bsnsij usgecptco'rnitfnuivt cceratbiasn.ct tolun, Aay neyg ostraetiraigvg vne iedcnfi lamacryopnatt oc etdirnf eolueainaitwl yt urhocsee roa in msGfraitoluiohtpeurm p'es ola inrb tuusn sihtcneoihe t slceoauss,,f fntinomeicpnha el nocifrof smalaeth nnsiyt de suoeitaft nidosn,
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Aacned sgrto wsphacter acgoyrding tohe Group's timetable isa cruial part ofits atellite dployment plan
Ghivaennuprm tahoblgrerea s amdmyama le bnceuwiomtnhis btoen rrtad hione ftelaihd,um nefGscr hwsaouemple 'r vseaicstoe pf puoeurtrot abvieiyn d tgsharfte le wGxriitbehoiuls ptt.ye a tnchd ancvioecu alldo itbnyilcetr yabose latnhuone rcdhce osrsatt deo,fl itihtess l thamaunclh
Sthfouiwlpntradr honobevcu isdansicelte h onuers doierffs n Gtiecrhoe(te. vugcel lat.onip ,eu detswnlrn,a icthsh saycoentesm etrvd. eGhisS crco eauatcsuspelhi esrte, v coisofvaeiuedglcndtis rsv nreepacw-artiou donllaivone)d uc nainahctdcnahed v uafiestep eh naroba vnsilcicre ge lpoalncef ipfovramintocsatnieritna gito cstita(nnds.e te.gthl iriaittsfm eocc leotntontual wrldaiac ngiport tumohapvefl ac rictmloemad ou ornlain etcutmchho nescehn tleGyr)r v tstioohcreuapn's
Ind ieonprStldeernyr vidmtcse ostn,oSr euppslsaeaec nt,c htX eEhf exoGplroouigrwatipn nhaognl ds Titfdiemcevehretnsaolti fbollegad iuaenitss cCho lmurscpenh rav nicades Blprpuvooicse ve ibOdplrierego isn:va. indAre astn.heeTrspa byGcer,oe Iudnpt ecerun arctoinsotly af uoLsre aiutsnoch
The Group's atellite dployment plan isdepndent ona limited number ofmajor supliers
Thwsieut nGpusrptmcolhuiheepd'r bsteul rc oebahfdapn triscaigbamiletenfi elopitrnagf elca fmmpuiae.onnwctehiur ofanga sctntudhnre edis sneqcucrseaatlipse y btrlee hsqoe. ufTirdcheos tlsiibgynmofi tehgid m aGnpnlurdo emubmbpentrili sdongfng msi itutsaespd l,i lreaitorsge c iaotnhmulecmd oem rupeliwditubahcenirn cetohfe
Asm Inaocnf.u a3c0t urJense: Ai2r0b1u8s ,Dtehf nsaetnlid teSsp aucen, deOr biptarlo cAuTrKe, mThnalte swAlerni areScpaive danf rSopma cethSey stfoelms wLionrgal
Tahcemq Gtouhnirasto ousrpain thelgoali fas mtne dtaemcldaoient ucfrsaooclmt roufrisrtera msthe ealnni ttpsd er lsowa. vuTitsnhhceo sh nGaorotpfe leusitrpatrecv omcrnas.is nduefards cttuhraqet ist as inodns t wodfiethp xoetndheeasr nt uotspn rlseuiarptls infegorstr oheher
Tthe limGroteudp' snubmsibenr so,fsiunpalciear sint uahteison arned secoultsd. therfore have asignficant egative impact on
Thdeiff Gicuroltuieps isexposed to the risk that its upliers may experience operational or financial
InG crthoewnu bhuicpsevrweihn neintmesidhsg ot, hoffit tanpoh areGnorcvieraoal guspme sitoresuveiduat cpieo tilmepns trralof yn.vb iaeidSdmn rueecrgsshu , uatnletvnhas.eden, bltiGesn r csotoupfum ullde wihco auvseltsd sa,c bosiengn tntiefraofirccituaneantdo lntcoe mgwatrilevaieultmo inceanmhp tasces t rtovhwoiecan tsrhcdeotse nGltriheoauctsp's
The satellites operated bythe Group may experience failures ormalfunctions in-orbit
Sfaotre lviatreso aure sansoit veantod rhed uecxtrhneial renvmiaronmg enotp. Orantice gtlhifey arned /inorpberit,m anelfnutyc toirnst merayi tocenutlry
10