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Iliad accepts 570.5 million tendered 2024 bonds from two series
By Marisa Wong
Los Angeles, Dec. 14 Iliad SA announced the final results of its Dec. 6 tender offer for up to a maximum amount of its outstanding 600 million Ύ% bonds due Feb. 11, 2024 (ISIN: FR0014001YE4) and 650 million 1½% bonds due Oct. 14, 2024 (ISIN: FR0013287273).
An aggregate principal amount of 570.5 million had been tendered and was accepted for purchase, according to a Thursday press release.
After the concurrent pricing of an issue of new euro-denominated senior unsecured bonds, the maximum acceptance amount for the tender offer had been set at 650 million, as announced on Dec. 7.
As of the expiration of the offer at 11 a.m. ET on Dec. 13, holders had tendered 365.1 million of the February 2024 bonds and 205.4 million of the October 2024 bonds. All of the tendered bonds were accepted for purchase in full without proration.
Iliad will purchase the February 2024 notes at 99.5 and the October 2024 bonds at 98.1.
The company will also pay accrued interest, which amounts to 2,325,637.02 for the February 2024 bonds and 547,172.01 for the October 2024 bonds.
Settlement is slated for Dec. 18.
The tender offer is still conditioned on settlement of the companys new bonds. The company priced 650 million of 5 3/8% senior notes due 2029 on Dec. 6.
The company had said that the purpose of the tender offer is, among other things, to proactively manage its debt profile and extend its average maturity.
The dealer managers for the tender offer 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 Paris-based telecom operates in France, Italy and Poland.
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