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Iliad gives results of capped tender offer for two bonds due 2024, 2025
By Mary-Katherine Stinson
Lexington, Ky., April 30 Iliad SA gave results of its tender offer for its 650 million 1½% bonds due Oct. 14, 2024 (ISIN: FR0013287273), of which 444.6 million is outstanding, and its 650 million 1 7/8% bonds due April 25, 2025 (ISIN: FR0013331196), of which 650 million is outstanding, according to a press release.
At the expiration of the offer at 11 a.m. ET on April 29, the company reported it had received tenders of 135.1 million total principal of the 2024 notes and 346.4 million total principal of the 2025 notes. All the tendered notes, totaling 481.5 million across both series, have been accepted for purchase.
The tender offer was subject to a maximum acceptance amount of 500 million principal amount.
The company offered a fixed tender price of 99 for the bonds due in October and 98.25 for the bonds due in 2025.
Interest will also be paid to the settlement date.
The tender offer was conditioned on, among other things, settlement of a concurrent issue of new euro-denominated senior bonds. Settlement for the new bonds is expected on May 2 with the tender offer settling a day later, on May 3.
Holders who participated in the tender offer and wished to subscribe to the new bonds may be given priority in the allocation of the new bonds.
The purpose of the tender offer was, amongst other things, to proactively manage the companys debt profile and to extend its average maturity.
After settlement, 309.5 million of the 2024 notes and 303.6 million of the 2025 notes will remain outstanding.
The dealer managers are Natixis (+33 1 58 55 05 56, liability.management-corporate@natixis.com) and Societe Generale (+33 1 42 13 32 40, liability.management@sgcib.com).
The information agent is Kroll Issuer Services ltd. (+44 20 7704 0880, iliad@is.kroll.com, https://deals.is.kroll.com/iliad).
The tender agent is Societe Generale (+33 2 51 85 62 07, nantes.gis-op-titres@sgss.socgen.com).
The telecommunications company is based in Paris.
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