02/08/2023 Iliad SA (ILDFP) EUR500m Reg S bearer sr unsec notes due 02/15/30 (7y). NCL (MWC B+50bp, 3mo par call, 80% clean-up call). Expect Ba2/BB/BB. Via BNP/Commerz (B&D)/JPM/RBC/SocGen jt active books/BofA/CA/Natixis/Santander/SMBC/UniCredit jt passive books, CIC, Helaba, MUFG as co-managers. Pays annual (Act/Act). List Lux. French law. Settles 02/15 (T+5). ISIN: FR001400FV85. IPT: 5.875% area. Guidance: 5.75% area. Launched: EUR500m at 5.75% yield. Priced: 5.625% at 99.296, yield 5.75%. +345.8bp vs DBR 0% 02/15/30. MS+285.5bp. Books went subject at 1pm UKT 02/08/23. Final books EUR1.1bn at launch level. UOP: to partially refinance its 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.