Commentary & Deal Flow

Iliad SA (ILDFP) EUR500m (WNG) Reg S bearer sr unsec green notes due 12/15/29 (long 5y). NCL (MWC B+35) (3mo par call) (75% clean up call). Ba2/BB/BB (--/stable/stable). Via BNP/SocGen (B&D) jt glocos and Green Structuring Advisors/CA/MUFG/Natixis/SMBC jt active books/ CIC/Erse/Helaba/RBC/Unicredit as jt passive books, BoC, Bayern LB, Mizuho as co-managers. List Lux. French law. CoC. Annual pay (Act/Act), long 1st coupon 12/15/25. Settles 10/29 (T+5). ISIN: FR001400TL99. IPT: 4.50%-4.75%. Price talk: 4.50% area (+/-12.5bp) WPIR. Final terms: EUR500m 4.375% yield (4.25% coupon).

Priced: 4.25% at 99.424, yield 4.375%. ms+204.5bp. +223.7bp vs DBR 2.10% 11/15/29.

Did fixed income investor calls 10/21. SocGen coordinated logistics. Books closed at 1:30pm UKT 10/22. Books over EUR1.6bn pre-rec. UOP: to finance and/or refinance, in whole or in part, Eligible Green Projects fulfilling the Eligibility Criteria described in the Green Financing Framework which is available on https://www.iliad.fr/en/investisseurs/groupe/dette; fund the tender offer for its EUR650m (of which EUR303.6m is outstanding) 1.875% Notes due Apr-25 (ISIN: FR0013331196) and EUR650m 2.375% Notes due Jun-26 (ISIN: FR0013518420), which will expire on 28 October 2024 at 4.00 p.m CET. 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.

The investor presentation with a voiceover recording, the standalone preliminary prospectus, the green financing Framework and the Second Party Opinion is available at https://dealroadshow.com and enter deal entry code IliadOctober2024 OR via direct link https://dealroadshow.com/e/IliadOctober2024.