By Paul A. Harris
Portland, Ore., May 13 – Iliad Holding SAS priced two upsized add-on tranches to its senior secured notes due April 15, 2031 (B2/B+/BB-) on Monday, according to market sources.
An upsized $200 million add-on to the 8½% notes priced at 100.75, the rich end of the 100.5 to 100.75 price talk. The tranche size increased from $100 million.
An upsized €150 million add-on to the 6 7/8% notes priced at 100.75, at the rich end of the 100.5 to 100.75 price talk. The tranche size increased from €100 million.
BNP Paribas was the sole active bookrunner.
The Paris-based telecom plans to use the proceeds for general corporate purposes.
| Issuer: | Iliad Holding SAS
|
| Issue: | Senior secured notes
|
| Maturity: | April 15, 2031
|
| Sole active bookrunner: | BNP Paribas (bill and deliver)
|
| Trade date: | May 13
|
| Settlement date: | May 16
|
| Ratings: | Moody’s: B2
|
| S&P: B+
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
|
|
| Add-on to 8½% notes
|
| Amount: | $200 million, increased from $100 million
|
| Coupon: | 8½%
|
| Price: | 100.75
|
| Yield to maturity: | 8.357%
|
| Spread: | 387 bps
|
| First call: | April 15, 2027 at 104.25
|
| Price talk: | 100.5 to 100.75
|
| Original issue: | $750 million priced on April 30, 2024
|
| Fungibility: | Rule 144A add-on notes immediately fungible with original notes; Regulation S add-on notes become fungible following 40-day cooling period
|
|
|
| Add-on to 6 7/8% notes
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| Amount: | €150 million, increased from €100 million
|
| Coupon: | 6 7/8%
|
| Price: | 100.75
|
| Yield to maturity: | 6.739%
|
| Spread: | 432 bps
|
| First call: | April 15, 2027 at 103.438
|
| Price talk: | 100.5 to 100.75
|
| Original issue: | €600 million priced on April 30, 2024
|
| Fungibility: | Rule 144A add-on notes immediately fungible with original notes; Regulation S add-on notes become fungible following 40-day cooling period
|
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