Chicago, Dec. 6 – Iliad SA priced €650 million of 5 3/8% senior notes due 2029 (Ba2/BB/BB) on Wednesday, according to a market source.
The bonds priced at 99.973 to yield 5 3/8%, or at Treasuries plus 329 basis points.
Initial talk started in the 5¾% area. Guidance came into the 5½% area as the order book went above €1.4 billion.
The notes are callable early with a Bunds plus 50 bps make-whole premium. There is also a three-month par call option.
Active bookrunners for the Regulation S issue were Credit Agricole CIB (billing and delivery), BNP Paribas, Natixis, Societe Generale, SMBC and UniCredit.
Passive bookrunners included Commerzbank, Helaba, La Banque Postale, MUFG and Raiffeisen Bank International.
The final order book was over €1.5 billion.
The company is concurrently conducting a tender offer for two series of existing euro-denominated bonds due 2024. The tender offer is conditioned on the new issuance.
The Paris-based telecom operates in France, Italy and Poland.
| Issuer: | Iliad SA
|
| Amount: | €650 million
|
| Issue: | Senior notes
|
| Maturity: | Feb. 15, 2029
|
| Bookrunners: | Credit Agricole CIB (billing and delivery), BNP Paribas, Natixis, Societe Generale, SMBC, UniCredit (active), Commerzbank, Helaba, La Banque Postale, MUFG and Raiffeisen Bank International (passive)
|
| Co-managers: | CIC, Erste Bank, JPMorgan and Mizuho
|
| Coupon: | 5 3/8%
|
| Price: | 99.973
|
| Yield: | 5 3/8%
|
| Spread: | Treasuries plus 329 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps; three-month par call
|
| Change of control: | Yes
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
| Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 5¾% area; guided to 5½% area
|
| ISIN: | FR001400MLX3
|
|
|
© 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.
