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    ILD   FR0004035913


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Iliad : a successful €3.7 billion inaugural bond issue

10/14/2021 | 01:42am EST

Press release

Paris, October 14, 2021

iliad Holding - a successful €3.7 billion inaugural bond issue

On October 13, 2021, iliad Holding successfully placed a c. €3.7 billion four-tranche bond issue with European and American investors.

Through this issue, iliad Holding has successfully entered the high-yield market for the first time. The transaction represents the biggest high-yield bond issue carried out by a European issuer so far in 2021, and the biggest issue by a European telecommunications group since October 2017.

The bond is made up of euro and dollar tranches as follows:

  • Euro tranches:
    1. €1,100 million with a five-year maturity and a 5.125% coupon
    1. €750 million with a seven-year maturity and a 5.625% coupon
  • Dollar tranches:
    1. $1,200 million with a five-year maturity and a 6.500% coupon (or

approximately 5.0% in euro equivalent)

  1. $900 million with a seven-year maturity and a 7.000% coupon (or approximately 5.3% in euro equivalent)

Demand for the issue was very high, which allowed iliad Holding to optimize the financing cost with an average interest rate of c. 5.3% and an average maturity of around six years.

The success of the issue clearly demonstrates investors' support for the decision to delist iliad SA, as well as the Group's solid business development outlook in Europe.

The joint bookrunners for the issue are BNP Paribas, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial S.A., Credit Suisse Bank (Europe) S.A., J.P. Morgan A.G., J.P. Morgan Securities LLC, Landesbank Hessen-Thüringen Girozentrale, Natixis, Raiffeisen Bank International AG, RB International Markets (USA) LLC, SMBC Nikko Capital Markets Europe GmbH, Société Générale, UniCredit Bank AG and UniCredit Capital Markets LLC.


This document does not constitute an offer or solicitation to purchase or subscribe for securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or are exempt from registration. This document may not be published, forwarded or distributed, directly or indirectly, in the United States. iliad Holding S.A.S. and its affiliates and subsidiaries do not intend to register the proposed offering in the United States nor to conduct a public offering of securities in the United States. The offering of notes described in this press release has not been and will not be registered under the U.S. Securities Act and accordingly any offer or sale of these securities may be made only in a transaction exempt from the registration requirements of the U.S. Securities Act.

It may be unlawful to distribute this document in certain jurisdictions. This document may not be published, forwarded or distributed, directly or indirectly, in Canada, Japan or Australia. The information contained in this document does not constitute an offer of securities for sale in Canada, Japan or Australia.

This document has been prepared on the basis that any offer of the Securities in any Member State of the European Economic Area ("EEA") will be made pursuant to an exemption under Regulation (EU) 2017/1129 (the "Prospectus Regulation", as amended), from the requirement to publish a prospectus for offers of Securities. Accordingly, the securities may be offered in the EEA only to legal entities that are qualified investors as defined in the Prospectus Regulation. More generally, any person making or intending to make any offer in the EEA of the Securities which are the subject of the placement contemplated in this document may only do so in circumstances in which no obligation arises for iliad Holding S.A.S. or any of the initial purchasers of such notes to publish a prospectus pursuant to Article 3 of the Prospectus Regulation. Neither iliad Holding S.A.S. nor the initial purchasers of such notes have authorized, nor do they authorize, the making of any offer of notes in circumstances in which an obligation arises for iliad Holding S.A.S. or any initial purchasers of such notes to publish or supplement a prospectus for such offer.

This document is only being distributed to, and is only directed at, persons in the United Kingdom that are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation and that also

  1. are "investment professionals" falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.



Iliad SA published this content on 14 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 05:41:01 UTC.

© Publicnow 2021
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P/E ratio 2020 23,3x
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EV / Sales 2019 2,48x
EV / Sales 2020 3,58x
Nbr of Employees 15 100
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Nicolas Emmanuel Jaeger Group Chief Financial Officer & Senior VP
Xavier B. Niel Chairman
Virginie Calmels Independent Non-Executive Director
Bertile Burel Independent Non-Executive Director
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