10/13/2021 Iliad Holding SAS (ILDFP) approx EUR3.6bn equivalent (ERU/US$) 144A/Reg S sr sec notes 4-part. B2/B+/BB- (stable/stable/stable). Via BNP (EUR B&D)/JPM (US$ B&D)/CA (global transaction co-ordinator)/SocGen jt glocos/BofA/CIC/CS/Helaba/Natixis/RBI/SMBC Nikko/UniCredit jt books. No reg rights. List ISE. NY law. Settles 10/27 (T+10).
- EUR1.1bn (from EUR1bn and EUR500m minimum) due 10/15/26 (5y). NC2 (MWC B+50bp), then at 102.5625, 101.28125, 100. Equity claw: 2y 40% at 105.125. Reg S ISIN: XS2397781357. IPT: high 4s. Px talk: 5.25% area. Final px talk: 5.125%-5.25% (WPIR). Final terms: EUR1.1bn at 5.125%. Priced: 5.125% at 100. +562bp vs DBR 0% 10/09/26.
- EUR750m (from EUR900m and EUR500m minimum) due 10/15/28 (7y). NC3 (MWC B+50bp), then at 102.8125, 101.40625m 100. Equity claw: 3y 40% at 105.625. Reg S ISIN: XS2397781944. IPT: low 5s. Px talk: 5.75% area. Final px talk: 5.625%-5.75% (WPIR). Final terms: EUR750m at 5.625%. Priced: 5.625% at 100. +599bp vs DBR 0.255 08/15/28.
- US$1.2bn (from US$1.3bn, US$1bn and US$500m minimum) due 10/15/26 (5y). NC2 (MWC T+50bp), then at 103.25, 101.625, 100. Equity claw: 2y 40% at 106.50. 144A CUSIP: 449691AA2. IPT: 6% area. Px talk: 6.50% area. Final px talk: 6.50%. Final terms: US$1.2bn at 6.50%. Priced: 6.50% at 100. +543bp vs UST 0.875% 09/30/26.
- USD900m (from US$1bn and US$500m minimum) due 10/15/28 (7y). NC3 (MWC T+50bp), then at 103.50, 101.75, 100. Equity claw: 3y 40% at 107.00. 144A CUSIP: 449691AC8. IPT: mid 6s. Px talk: 7.00% area. Final px talk: 7.00%. Final terms: US$900m at 7.00%. Priced: 7.00% at 100. +562bp vs 1.25% 09/30/28.
(Originally expected EUR2bn minimum with the rest in US$). 1x1s 10/04-13 (originally ending 10/07) (investor call Europe at 10:30am UKT / US at 10:30am NYT 10/04). Books closed: US$ at 4pm NYT yesterday; EUR at 11am UKT today (originally closing at 10am UKT today). Reconfirms were due by 2pm UKT/9am NYT today. (Originally pricing late 10/04 week). UOP: repay the EUR3.6bn bridge loan incurred along with a EUR1.2bn bridge to disposal loan, to fund the take private transaction and refinance EUR1.8bn of existing debt. Controlling shareholder: Xavier Niel is buying back the remaining 39% stake in Iliad that he did not already own for EUR3bn (EUR182 per share). Iliad expects to receive at least EUR1.2bn from the disposal of Iliad's 30% and 40% remaining stakes in the French and Polish tower portfolios it sold to Cellnex in 2019 and 2021 to repay the bridge to disposal loan. On 09/22/21 Iliad announced the acquisition of UPC Poland for PLN7bn (around EUR15bn), which will be funded with existing cash and new debt at Polish subsidiary Plan Communications SA. Biz: a leading European telecom provider, offering fixed internet access in France and Poland, and mobile internet access in France, Italy and Poland. HQ: Paris, France. (Take private offer announced 07/30/21).