05/13/2024 Iliad Holding SAS (ILDFP) approx $335m (up from $289m and EUR193m) equivalent (EUR/US$) 144A/Reg S sr sec notes add-ons 2-part. B2/B+/BB- (stable/stable/stable). Via BNP (B&D)/BofA/CA/JPM jt books. No reg rights. List ISE. NY law. Settles 05/16 (T+3).
- EUR150m (up from EUR100m) add-on to its 6.875% sr sec notes due 04/15/31 (7y). NC3 (04/15/27) (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. existing Reg S ISIN: XS2810807094. Immediately 144A fungible (Reg S after 40-days) with the EUR600m issue priced 04/30/24. IPT: 100.00-100.50 (plus AI). Px talk: 100.50-100.75. Final terms: EUR150m at 100.75. Priced: 6.875% add-on at 100.75, 6.74% YTM. +432bp vs DBR 0% 02/15/31.
- US$200m (up from US$150m and US$100m) add-on to its 8.50% sr sec notes due 04/15/31 (7y). NC3 (04/15/27) (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. 144A CUSIP: 449691AF1. Immediately 144A fungible (Reg S after 40 days) with the US$750m issue priced 04/30/24. IPT: 100.25-100.50 (plus AI). Px talk: 100.50-100.75. Final terms: US$200m at 100.75. Priced: 8.50% add-on at 100.75, 8.36% YTM. +387bp vs 4.625% 04/30/31.
Books closed: EUR 4pm UKT / 11am NYT 05/13, US$ 5pm UKT / 12pm NYT 05/13. Reconfirms were due 5:30bp UKT / 12:30 pm NYT 05/13. (A Dealroadshow was available). UOP: EUR93m (US$100m) to fund the $100m upsize (from US$400m) of the partial tender offer for its US$1.2bn 6.50% sr sec notes due 10/15/26, and EUR241m (up from EUR99m) for GCP. EUR773m of the original notes offering will be used to fund the US$400m original partial tender offer amount for its US$1.2bn 6.50% sr sec notes due 10/15/26 and to fund the partial tender offer for EUR400m of its EUR1.1bn 5.125% sr sec notes due 10/15/26 (EUR142m final total upsize for GCP). 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.