Iliad launches upsized €750 million 4.5-year notes with 5 3/8% yield

By Paul A. Harris

Portland, Ore., Dec. 5 – Iliad SA launched an upsized €750 million offering of senior notes due June 14, 2027 (BB/BB) to yield 5 3/8%, according market sources.

Demand for the bonds topped €1.9 billion, a source said.

The issue size increased from €500 million.

The final yield comes at the tight end of the 5 3/8% to 5½% guidance. Initial talk was in the 5¾% area.

Joint bookrunner CIC Bank will bill and deliver. BofA, Credit Agricole CIB, Natixis and SG are also joint bookrunners.

BNP Paribas, Commerzbank, Helaba, JPMorgan, SMBC Nikko and UniCredit are the passive bookrunners.

RBC is the co-manager.

The Regulation S 4.5-year notes are covered by a make-whole call and will become callable at par three months prior to maturity.

The Paris-based telecommunications company plans to use the proceeds to partially refinance its mid-term facility entered into in July 2022 and for the general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.