04/30/2024 Iliad Holding SAS (ILDFP) approx EUR1.3bn (US$1.391m equiv) (up from EUR1.2bn (US$1.285m eqiv)) (EUR/US$) 144A/Reg S sr sec notes 2-part. B2/B+/BB- (stable/stable/stable). No reg rights. List ISE. NY law. Settles 05/14.
- EUR600m (up from EUR500m) due 04/15/31 (7y). NC3 (MWC B+50bp), then at 103.438, 101.719, 100. Equity claw: 3y 40% at 106.875. Special call: 10% per year the 1st 3 years at 103. Via BNP (B&D)/CA jt active books/BofA/JPM jt glocos/GS/Helaba/Natixis/SMBC Nikko/SocGen/UniCredit jt books. Reg S ISIN: XS2810807094. IPT: 7.00%-7.25%. Price talk: 7.00% area (+/- 12.5bp). Final terms: EUR600m at 6.875%. Priced: 6.875% at 100. +437bp vs DBR 0% 02/15/31.
- US$750m due 04/15/31 (7y). NC3 (MWC T+50bp), then at 104.25, 102.125, 100. Equity claw: 3y 40% at 108.50. Special call: 10% per year the first 3 years at 103. Via BofA/JPM (B&D) jt active books/BNP/CA jt glocos/GS/Helaba/Natixis/SMBC Nikko/SocGen/UniCredit jt books. 144A CUSIP: 449691AF1. IPT: 8.50%-8.75%. Price talk: 8.50%-8.75%. Final terms: US$750m at 8.50%. Priced: 8.50% at 100. +382bp vs 4.625% 04/30/31.
Did a series of virtual fixed income investor meetings 04/25-26 (BNP coordinated the logistics for EUR calls; JPM for US$). Roadshow 1-on-1s yesterday-today (investor call at 3:30pm UKT / 10:30am NYT yesterday). Books closed at 2pm UKT/9am NYT 04/30. EUR recommits were due by 3pm UKT 04/30. UOP: EUR773m to fund the partial tender offer for up to EUR400m of its EUR1.1bn 5.125% sr sec notes due 10/15/26 and up to US$400m of its US$1.2bn 6.50% sr sec notes due 101/5/26, and EUR415m to partially fund the acquisition of a 50% interest in Freya Investissement (NIJ Holding will acquire the other 50%). Freya will acquire a 19.8% share capital/29.9% voting rights interest in Tele2 from Kinnevik AB, and EUR92m for GCP (EUR100m upsize for GCP and fees & expenses). Iliad Holding SAS is 100% owned by Xavier Niel. 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.