Published on 12/5/2022 in the Prospect News High Yield Daily.
New Issue: Iliad sells upsized €750 million 4.5-year notes at par to yield 5 3/8%
By Paul A. Harris
Portland, Ore., Dec. 5 – Iliad SA priced an upsized €750 million issue of 4.5-year senior notes (BB/BB) at par to yield 5 3/8% on Monday, according market sources.
The issue size increased from €500 million.
The yield came at the tight end of the 5 3/8% to 5½% yield talk. Initial guidance was in the 5¾% area.
Joint bookrunner CIC Bank will bill and deliver. BofA, Credit Agricole CIB, Natixis and SG were also joint bookrunners. Passive bookrunners were BNP Paribas, Commerzbank, Helaba, JPMorgan, SMBC Nikko and UniCredit.
The Paris-based telecommunications company plans to use the proceeds to partially refinance is mid-term facility entered into in July 2022 and for general corporate purposes.
| Issuer: | Iliad SA
|
| Amount: | €750 million
|
| Issue: | Senior notes
|
| Maturity: | June 14, 2027
|
| Joint bookrunners: | CIC Bank (bill and deliver), BofA, Credit Agricole CIB, Natixis and SG
|
| Passive bookrunners: | BNP Paribas, Commerzbank, Helaba, JPMorgan, SMBC Nikko and UniCredit
|
| Co-manager: | RBC
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 347.7 bps
|
| Call protection: | Make-whole call until three months prior to maturity, then callable at par
|
| Trade date: | Dec. 5
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 5 3/8% to 5½%
|
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