Rendering of a Eutelsat OneWeb satellite in orbit. Photo: Eutelsat

Eutelsat has completed its 5 billion euro ($5.8 billion) refinancing plan with the final step of a 1.5 billion euro ($1.7 billion) bond issuance, the company announced Friday. The company said it is working to support the deployment of its OneWeb Low-Earth Orbit (LEO) constellation and strengthen its financial flexibility by accelerating debt reduction.

In June 2025, the company announced a 1.5 billion euro ($1.7 billion) equity raise, which saw the French and British governments increase their shares in the company. By late 2025, the company had completed a 828 million euro ($958.3 million) capital raise and a 670 million euro ($775.5 million) rights issue to the same shareholders.

Eutelsat said the capital raise led to rating upgrades from Moody’s and Fitch by two and three notches, to Ba3 and BB respectively.

In February, Eutelsat issued 1.5 billion euro in bonds in a 850 million euro ( $983.8 million) five-year tranche with 5.75% interest and a 650 million euro ($752.3 million) seven-year tranche with 6.25% interest to pay off 1.2 billion euro ($1.4 billion) in existing debt. The bond issuance concluded on Thursday, completing the refinancing process begun last year.

Also part of this overall financing strategy was the recent loan from the French export credit agency to fund the 440 OneWeb refresh satellites Eutelsat has ordered.

“Eutelsat has reached a major milestone with the completion of its comprehensive financing plan, marking a decisive turning point in the group’s transformation,” Eutelsat CFO Sebastien Rouge said. “With this strengthened financial foundation, Eutelsat is well positioned to accelerate the deployment of its multi-orbit strategy, support the future European IRIS² constellation, and reinforce its position as Europe’s leading provider of space connectivity.”