12/06/2023 Iliad SA (ILDFP) EUR650m (up from EUR500m) Reg S bearer sr unsec notes due 02/15/29 (5.25y). NCL (MWC B+50bp, 3mo par call, 75% clean-up call). Ba2/BB/BB (stable/stable/stable). Via BNP/CA (B&D)/Natixis/SocGen/SMBC Nikko/UniCredit jt active books/Commerz/Helaba/La Banque Postale/MUFG/Raiffessen jt passive books, CIC, Erste, Mizuho as co-managers. Pays annual (Act/Act), long first 02/15/25. List Lux. French law. Settles 12/15 (T+7). ISIN: FR001400MLLX3. IPT: 5.75% area. Guidance: 5.50% area (+/-12.5bp). Final terms: EUR650m at 5.375%. Priced: 5.375% at 99.973, yield 5.375%. +329bp vs DBR 0.25% 02/15/29. Books closed at 1pm UKT 12/06 (Final books above EUR1.5bn). UOP: to partially fund the tender offer for its EUR600m 0.75% sr notes due 02/11/24 (tender price 99.50, currently MWC B+25bp, then callable at 100 01/11/24) and EUR650m 1.50% bonds due 10/14/24 (tender price 98.10, currently MWC B+25bp, then callable at 100 07/14/24), BNP/CA dealer managers. 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.