In April 2011, SES signed a financing agreement with Ex-Im Bank (Export-Import Bank of the United States) over USD 158 million for the investment in one geostationary satellite (QuetzSat). At the in-orbit acceptance date of the satellite, the facility was fully drawn with USD 152.2 million which will be repaid in 17 equal semi-annual installments starting on June 22, 2012. The loan has a final maturity date of June 22, 2020 and bears interest at a fixed rate of 3.11%.


On September 30, 2003, the Group issued in the US Private Placement market four series of unsecured notes amounting to USD 1,000.0 million and GBP 28.0 million. These notes comprised:

1) Series A USD 400.0 million of 5.29% Senior Notes due September 2013, amortising as of September 2007. The Private Placement Series A was repaid on September 30, 2013.

2) Series B USD 513.0 million of 5.83% Senior Notes due September 2015, amortising as of September 2011.

3) Series C USD 87.0 million of 5.93% Senior Notes due September 2015.

4) Series D GBP 28.0 million of 5.63% Senior Notes due September 2013, amortising as of September 2007. The Private Placement Series D was repaid on September 30, 2013.

On these four series, the Group pays interest semi-annually. SES is committed under the US Private Placement to maintaining covenants requiring certain financial ratios to be upheld within agreed limits in order to provide sufficient security to the lenders. Of these, the covenant which management monitors the most actively is the requirement to maintain the Net Debt/EBITDA ratio at a level of 3.5 or below.

-- Source

What's the use of with here? Can it be substituted here with any other prepositions?

What's the use of on here? Why not for or with?


At the in-orbit acceptance date of the satellite, the facility was fully drawn[,] with USD 152.2 million which will be repaid in 17 equal semi-annual installments starting on June 22, 2012.

So (as I think you know) a credit facility is a loan or collection of loans made to a business entity. As near as I can tell, "fully drawn" is used in finance in the senses of definitions 65 and 66 here, as in to call upon the resources of something. So a fully drawn loan is one that's been entirely paid out to the borrower.

So I would read the quoted sentence as though it had the comma in brackets. "With" then means "having"--the loan is fully taken out and has a balance of 152.2 million USD to be repaid under the stated terms. I could see substituting "having," which is both not a preposition and less idiomatic than "with." Otherwise, "with" is the preposition we use to provide supplemental quantitative information: compare the phrases "with an error term of..." or "with estimates exceeding..." I do not believe any other preposition would serve this purpose.

On these four series, the Group pays interest semi-annually.

"On" is used here because, as others have stated, that's the idiomatic phrase to refer to payment of interest related to a particular borrowing. I suspect, but can't demonstrate, that this is at least in part because interest is a mathematical context relating to some basis; we frequently use "on" to compare a part to a whole when the basis of the comparison is important. As an example, "An error of 3 cm on a total measurement of 15 m," or the titles of this paper or this paper.

Because the sentence is inverted, I would accept "For" or "With" in this location; however, I would expect the context to be making a distinction between the payment terms of these series vs. terms of other series under discussion. For example, I would find it acceptable to say "For these four series, the Group pays interest semi-annually, while for the majority of its borrowings, interest is paid on a monthly basis". Without that comparative context, "on" is the better choice because of the idiom of paying interest on a loan. I would not in any case accept "*The group pays interest with these four series semi-annually"--the inversion is required for the comparative context to make sense, and "with" or "for" are not idiomatically appropriate for discussing interest.

  • You are my saviour. Excellent elaboration! :-) – Kinzle B Sep 16 '14 at 23:36

The writer used those specific words because those are the proper ones to use.

With is used here in the third sense of the word, according to Oxford Dictionaries Online:

  1. Indicating the instrument used to perform an action:
    'cut the fish with a knife'

The writer used with to express the fact that the $152.2 million was what was used to draw the facility.

On is used here because it is the proper preposition to follow the phrase "pay interest". The writer is using a linguistic technique known as inversion to move the last part of the sentence to the front of the sentence, for emphasis. The default version of the sentence would be "The Group pays interest on these four series semi-annually."

When you want to talk about paying interest on a loan, you use "on":

Google search for 'pay interest'

Pay interest for would mean that you are paying interest on behalf of someone else. "My mom is paying my interest for me."

Pay interest with is used when you are talking about what you are using to pay the interest. "I'm paying my interest with lottery winnings."

  • Thx a lot! The explanation about "on" is very straightforward, but "with" doesn't mean what you are saying here. I guess it's because of the financial context here. – Kinzle B Sep 16 '14 at 23:40

What's the usage of with here? Can it be substituted here with other prepositions?

"With" is being used in the third sense of this dictionary definition: characterized by or having. It refers to the size in dollars of the loan or other funding acquired by the project being discussed.

Synonyms: having, possessing, controlling.

What's the usage of on here? What's meant by it? Why not for or with?

"On" is being used in the twelfth sense of this dictionary definition: with respect or regard to (used to indicate the object of an action directed against or toward).

There are other English prepositions that can mean "with respect or regard to," but "on" is the standard usage in this context and the two substitutions you suggest would rarely be used.

309,000 results:

Pay interest on a loan

21 results:

Pay interest for a loan

The drastic difference in frequency of usage suggests that "pay interest on a loan" is an idiomatic phrase in English and would be preferred in most cases.

If the suggested substitutions are made giving

With these four series...


For these four series...

the sentence is still grammatical, but its meaning changes subtly; it suggests that a distinction is being made between "these four series" and some other series. Saying

In the case of these four series...

would mean the same thing.


In the first usage, the facility was fully drawn with USD 152.2 million, the word with indicates what was used to fund the facility. No other preposition conveys the same meaning.

In the second usage, On these four series,, on is being used to convey the meaning that the interest for each series is paid every six months.

  • Firstly, the facility is a technical term here. It's a financing tool. There is no such thing as "to fund the facility". Secondly, you didn't answer my question. I fully understand what is meant by the every detail of the whole annual report. I just care about the usage of these two prepositions. – Kinzle B Sep 9 '14 at 16:49
  • So substitute the appropriate verb, the rest of the first sentence is still valid: with indicates what was used. For the second part, for would also work, with would not -- the series are not being used to pay the interest. – Ethan Furman Sep 9 '14 at 16:55
  • What you said may be true, but I'd like to know the reason behind it. – Kinzle B Sep 10 '14 at 13:53

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