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Commentary & Deal Flow

NEW ISSUE: Canal + € bmk 6yr Sr Unsec; MS+235a

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

Canal +

6yr

20-May-32

bmk

Sr Unsec

Fixed

MS+235a


IPTs: 6yr: MS+235a


  • Issuer: Canal + SA (Ticker: CANALP, Country: FR)
  • Issuer LEI: 9695000537F9F73BXN18
  • Exp. Issue Rating: Unrated
  • Status and formats: Senior unsecured / RegS (Cat1) / Bearer / Dematerialized
  • Settlement Date: 20-May-26 (T+5)
  • Maturity Date: 20-May-32 (6-year)
  • Size: EUR Benchmark
  • IPT: MS+ 235 bps area
  • Coupon: Fixed, Annual, Act/Act, ICMA
  • ISIN: FR0014018LT3
  • Use of Proceeds: The net proceeds of the Notes issuance will be used by the Issuer for general corporate purposes, including the refinancing of the outstanding €500 million senior unsecured bridge loan facility which was entered into in December 2025 with an initial maturity in December 2026 and on which some of the Global Coordinators and Joint Bookrunners are lenders.
  • Investor presentation: FINAL LINK: https://dealroadshow.com/e/Canal2026 or Visit https://dealroadshow.com and enter the entry code: Canal2026
  • Documentation: Standalone Documentation / Luxembourg Stock Exchange (Euro MTF) / French Law / Change of Control (Put) / Clean-up call (75%) / Make-Whole Call / 3m Par-Call / €100k+100k
  • Clearing System: Euroclear France
  • Target market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
  • Joint Global Coordinators: BNP Paribas (B&D), BofA Securities, CIC CIB, Crédit Agricole CIB, Natixis, Société Générale
  • Joint Active Bookrunners: BNP Paribas (B&D), BofA Securities, CIC CIB, Commerzbank, Crédit Agricole CIB, Mizuho, Natixis, Société Générale, Standard Chartered Bank AG
  • Advertisement: The Final Information Memorandum, when published, will be available on the website of the issuer https://www.canalplusgroup.com/en and on the Luxembourg Stock Exchange website at: http://www.bourse.lu.
  • Timing: Books open, today's business