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by Stephen Carter
Feb 23, 2026 5:50 AM ET
Eutelsat Communications SA (ETLFP) EUR1.5bn 144A/Reg S sr notes 2-part. (Expect Ba3)/BB (--/stable). Via BNP (B&D)/CA/SocGen jt glocos and active jt books, Helaba/Natixis/Commerz/GS/ING/Intesa passive jt books. No reg rights. List ISE. NY Law. Settles 04/08 (T+6)
- EUR TBD due 2031 (5y). NC2 (MWC B+50bp) (50%,25%,par. Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. Denoms: 100kx1k. IPT 6.375% area.
- EUR TBD due 2033 (7y). NC3 (MWC B+50bp) (50%,25%,par. Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. CoC at 101. Denoms: 100kx1k. IPT: 6.875% area.
Investor call at 10am UKT 02/23, Q&A sessions to follow. UOP: fully redeem its $600m 2.25% sr notes due 07/13/27 (MWC B+40bp) and its EUR600m 9.75% sr notes due 04/13/29 (MWC T+50bp), and add EUR215m cash to the B/S (a new EUR400m term loan will be used to repay its existing EUR400m term loan). Biz: a leading telecommunications satellite operator. HQ: Issy-les-Moulineaux, Paris, France.
Evercall GIC direct link: https://evercall.co/oacc/76071. DealRoadshow entry code: EUTELSAT26.