Iliad sets max acceptance amount for tender offer for 2024 bonds

By Mary-Katherine Stinson

Lexington, Ky., Dec. 7 – Iliad SA announced the maximum acceptance amount of a tender offer for its outstanding €600 million ¾% bonds due Feb. 11, 2024 (ISIN: FR0014001YE4) and €650 million 1½% bonds due Oct. 14, 2024 (ISIN: FR0013287273), according to a press release.

After the concurrent pricing of an issue of new euro-denominated senior unsecured bonds, the maximum acceptance amount for the tender offer has been set at €650 million.

As expected, the maximum acceptance amount is equal to the aggregate principal amount of new bonds. The company priced €650 million of 5 3/8% senior notes due 2029 (Ba2/BB/BB) on Wednesday, as previously reported.

The company said it reserves the right to increase or decrease the maximum acceptance amount at its discretion and may accept more or less (or none) of any series of bonds compare to the other series.

Tenders may be subject to proration.

Under the tender offer, Iliad is offering to purchase the ¾% notes at 99.5 and the 1½% bonds at 98.1, according to a separate announcement.

The company will also pay accrued interest.

The tender offer was conditioned on successful completion of the new issuance.

Holders who participate in the tender offer and wish to subscribe to the new bonds may be given priority in the allocation of the new bonds.

The tender offer expires at 11 a.m. ET on Dec. 13. Pricing of the new bonds is expected to be determined and the maximum acceptance amount under the tender offer is expected to be announced before that deadline.

Results will be announced on Dec. 14.

Settlement of the tender offer is slated for Dec. 18.

The dealer managers are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and Credit Agricole CIB (+44 20 7214 5903; liability.management@ca-cib.com).

The information agent is Kroll Issuer Services Ltd. (attn.: Thomas Choquet; +44 20 7704 0880; iliad@is.kroll.com; https://deals.is.kroll.com/iliad).

Societe Generale (attn.: Laurent Brelet; +33 2 51 85 62 07; nantes.gis-op-titres@sgss.socgen.com) is the tender agent.

The company said the purpose of the tender offer is, among other things, to proactively manage its debt profile and extend its average maturity.

The Paris-based telecom operates in France, Italy and Poland.

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