French telecom Iliad starts roadshow for €3.6 billion equivalent secured notes in four parts

By Paul A. Harris

Portland, Ore., Oct. 4 – Iliad Holdings SAS started a roadshow on Monday for a €3.6 billion equivalent four-part offering of senior secured notes (expected ratings Ba3//BB), according to market sources.

The deal comes structured as follows:

• $500 million minimum five-year notes callable after two years at par plus 50% of coupon, initial guidance 6% area;

• €500 million minimum five-year notes callable after two years at par plus 50% of coupon, initial talk high 4% area;

• $500 million minimum seven-year notes callable after three years at par plus 50% of coupon, initial guidance mid-6% area; and

• €500 million minimum seven-year notes callable after three years at par plus 50% of coupon, initial talk low-5% area.

The roadshow runs through Thursday.

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 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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