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NEW ISSUE: Iliad €500m exp. Long 5yr Sr Unsec; 4.500-4.625%

HYC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

Iliad S.A.

Long 5yr

15-Oct-31

€500m exp.

Sr Unsec

Fixed

4.500-4.625%


IPTs: Long 5yr: 4.500-4.625%


  • Issuer: Iliad S.A. (Ticker: ILDFP, Country: France)
  • Issuer LEI: 969500FZ9BTRZS3JNB97
  • Issuer Rating: Ba2 (stable) / BB+ (stable) / BB+ (stable) (Moody's/S&P/Fitch)
  • Expected Ratings of the Notes: Ba1 / BB+ / BB+ (Moody's/S&P/Fitch)
  • Status of the Notes: Senior, Unsecured, Unsubordinated Reg S Bearer dematerialized Notes
  • Settlement Date: 22-Jul-26 (T+5)
  • Maturity Date: 15-Oct-31 (Long 5-year (5.25y) NCL)
  • Redemption: NCL, MWC, 3mo par call, Clean-Up call (75%)
  • Change of Control: investor put at 100
  • Size: €500m exp.
  • IPTs: 4.500-4.625%
  • Coupon: [●] Annual, Act/Act (ICMA) – Long first
  • ISIN: FR0014019WY8
  • Denoms: 100kx100k
  • Law: French
  • Listing: Luxembourg Stock Exchange's Regulated Market
  • Documentation: Standalone Prospectus / French law / €100,000 + €100,000 / Luxembourg Stock Exchange Regulated Market / CoC / 3-month par call / MWC / clean-up call (75%)
  • Use of Proceeds: General corporate purposes of the Group, including to refinance the Issuer’s outstanding €750,000,000 5.375 per cent. Bonds due 14 June 2027 (ISIN: FR001400EJI5) (the “Existing Bonds”), which will be redeemed through the exercise by the Issuer of the make-whole call option (B+50bp) in accordance with Condition 4(c) of the terms and conditions of the Existing Bonds.
  • Marketing: An investor presentation with voiceover recording has been made available on NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=9de9e207 (Recommended)OR visit www.netroadshow.com and enter the entry code: Iliad26 (not case-sensitive)
  • Active Bookrunners: BBVA, Helaba, ING, MUFG, RBC Capital Markets, Santander, SMBC, Société Générale (B&D)
  • Passive Bookrunners: Barclays, BayernLB, CIC Corporate & Institutional Banking, Citi, Commerzbank, Goldman Sachs Bank Europe SE, La Banque Postale, UniCredit
  • Co-Managers: Banco Sabadell, Bank of China, DNB Carnegie, Industrial and Commercial Bank of China (Europe) S.A., Paris Branch
  • Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID)or FCA Product Summary has been prepared as not available to retail in EEA or in the UK.
  • Advertisement: Preliminary prospectus dated 15 July 2026. Final Prospectus, when published, will be available on the Issuer’s website (www.iliad.fr) and the website of the Luxembourg Stock Exchange (www.luxse.com) This communication constitutes an advertisement, and not a prospectus, for the purposes of Regulation (EU) 2017/1129 (and as it forms part of domestic UK law by virtue of the European Union (Withdrawal) Act 2018, as amended).
  • Schedule: Books open, today’s (15-Jul-26) business