Iliad sets tranche sizes, talk in €3.6 billion equivalent secured notes in four parts

By Paul A. Harris

Portland, Ore., Oct. 12 – Iliad Holdings SAS set tranche sizes and wide-to-guidance official price talk in its €3.6 billion equivalent four-part offering of senior secured notes (B2/B+), according to market sources.

Tranches are as follows:

• $1 billion of five-year notes callable after two years at par plus 50% of the coupon, talked in the 6½% area versus initial guidance in the 6% area;

• €1 billion of five-year notes callable after two years at par plus 50% of the coupon, talked in the 5¼% area versus initial guidance in the high 4% area;

• $1 billion of seven-year notes callable after three years at par plus 50% of the coupon, talked in the 7% area versus initial guidance in the mid-6% area; and

• €900 million of seven-year notes callable after three years at par plus 50% of the coupon, talked in the 5¾% area versus initial talk in the low-5% area.

Pricing is expected on Wednesday.

Marketing, which had been expected to conclude on Oct. 7, was extended into the Oct. 11 week as order books were heard to have been slow to build, market sources said.

Credit Agricole is the global transaction coordinator for the Rule 144A and Regulation S for life deal. BNP Paribas, JPMorgan and SG are global coordinators.

BNP is left bookrunner for the euro-denominated notes, for which it will bill and deliver. JPMorgan is the left bookrunner for the dollar-denominated notes, for which it will bill and deliver.

BofA, CIC, Credit Suisse, Helaba, Natixis, RBI, SMBC, UCI and SG are the joint bookrunners.

The Paris-based telecom plans to use the proceeds to fund share purchases and repay debt.

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