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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COMM
PRCD
CANALP
Canal+ SA (fka Groupe Canal+)€700
1EMEA
May 13, 2026
currency
EUR
size (m)
700.000
maturity
May 20, 2032
type
Fixed
tenor
6.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
-
fitch
-
size description
-
re-open/tap
No
ipt
MS+235 area
ipt-pxd
-30
guidance
MS+210 area
spread
205
coupon
4.875%
spread set
-
price
99.21900
yield
5.029%
book size (m)
2,600
peak book (m)
2,700
x-covered
3.71
book attrition
-3.70%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
book size (m)
2,600
peak book (m)
2,700
x-covered
3.71
book attrition
-3.70%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 2600; Registration: Reg S Only; Comments: DBR 0% Feb-32 @ 85.03 (HR 106%). MWC: B+35. CoC: Yes. Clean-Up Call: 75%. LEI: 9695000537F9F73BXN18;
Deal Comments
Expected size: €600m
Use of Proceeds
General corporate purposes, including the refinancing of the outstanding €500 million senior unsecured bridge loan facility
Relative Value

Comps

Issuer

Ratings

Size

Coupon

Maturity

Tenor

I-Sprd

CANALP

Unrated

€ 700m

4.625

Dec-30

4.6

=+169








Media/Unrated







MMBFP

Unrated

€ 500m

4.750

Jun-30

4.1

=+159








Media/Broadcasting







BERTEL

Baa2/BBB/-

€ 750m

3.375

Oct-33

7.5

=+112

BERTEL

Baa2/BBB/-

€ 750m

3.750

Jul-34

8.2

=+114

ITVLN

Baa3/BBB-/-

€ 500m

4.250

Jun-32

6.1

=+127

RATEIT

Baa3/-/-

€ 300m

4.375

Jul-29

3.2

=+65








Media/Broad Sector







UNIMUS

Baa1/BBB+/-

€ 850m

4.000

Jun-31

5.1

=+91

INFLN

Baa2/BBB/BBB

€ 700m

3.375

Jun-31

5.1

=+94

INFLN

Baa2/BBB/BBB

€ 500m

3.750

Apr-32

6.0

=+102

INFLN

Baa2/BBB/BBB

€ 500m

3.625

Oct-34

8.5

=+113

IPSFP

Baa3/-/BBB

€ 400m

3.750

Jan-30

3.7

=+101