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Iliad launches capped tender offer for two bonds due 2024, 2025
By Marisa Wong
Los Angeles, April 22 – Iliad SA has begun a tender offer for its €650 million 1˝% bonds due Oct. 14, 2024 (ISIN: FR0013287273), of which €444.6 million is outstanding, and its €650 million 1 7/8% bonds due April 25, 2025 (ISIN: FR0013331196), of which €650 million is outstanding, according to a Monday press release and an announcement.
The tender offer is subject to a maximum acceptance amount of €500 million principal amount. The company may increase or decrease that amount at its discretion.
The company is offering a fixed tender price of 99 for the bonds due in October and 98.25 for the bonds due in 2025.
Interest will also be paid to the settlement date.
The tender offer is conditioned on, among other things, settlement of a concurrent issue of bonds. Iliad announced on Monday that it intends to issue new euro-denominated senior bonds.
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 purpose of the tender offer is, amongst other things, to proactively manage the company’s debt profile and to extend its average maturity.
Tenders may be prorated.
The offer expires at 11 a.m. ET on April 29.
Results will be announced on April 30.
Settlement for the new bonds is expected on May 2 with the tender offer settling a day later, on May 3.
The dealer managers are Natixis (+33 1 58 55 05 56, liability.management-corporate@natixis.com) and Societe Generale (+33 1 42 13 32 40, liability.management@sgcib.com).
The information agent is Kroll Issuer Services ltd. (+44 20 7704 0880, iliad@is.kroll.com, https://deals.is.kroll.com/iliad).
The tender agent is Societe Generale (+33 2 51 85 62 07, nantes.gis-op-titres@sgss.socgen.com).
The telecommunications company is based in Paris.
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