12/05/2022 Iliad SA (ILDFP) EUR750m (from EUR600-750m (max) and EUR500m expected) Reg S bearer sr unsec notes due 06/14/27 (4.5y). NCL (MWC B+50bp, 3mo par call, 80% clean-up call). Expect Ba2/BB/BB. Via BofA/CA/Credit Mutuel-CIC (B&D)/Natixis/SocGen jt active books, BNP/Commerz/Helaba/JPM/SMBC Nikko/UniCredit jt passive books, RBC as co-manager. Pays annual (Act/Act), short first coupon. List Lux. French law. Settles 12/12 (T+5). ISIN: FR001400EJI5. IPT: 5.75% area. Px guidance: 5.375%-5.50% WPIR. Final terms: EUR750m at 5.375%. Priced: 5.375% at 100. +347.7bp vs OBL 0% 04/16/27. Books closed at 1:10pm UKT today. Books were over EUR1.8bn. UOP: to partially refinance its $1bn mid-term facility entered into in July 2022, and for GCP. 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.