France Telecom announces successful offering of €2.5B multi-tranches and multi-bond currency

January 8, 2004

1 Min Read

PARIS -- France Telecom has closed a ca. EUR2.5 billion bond offering in three tranches:

Table 1:

Currency

Format

Term

Notional

Coupon

Re-offer spread

Euro

Floating rate note (FRN)

3-year

1 billion

Euribor 3 month +25bp

30 bp over Euribor

Euro

Fixed-rate

8-year

750 million

4.625%

58 bp over Mid-swap (68.6 bp over OAT and 65.6 bp over Bund)

GBP

Fixed-rate

30-year

500 million

5.625%

90 bp over Gilt





The Group has seized a window of opportunity in the bond markets to optimize its debt maturity profile and cost.

This offering allows France Telecom to benefit from very favorable rates.

The large over-subscription - more than 4 times - and the speed of the bookbuilding evidence the investor confidence in the quality of the France Telecom credit.

Dresdner Kleinwort Wasserstein, HSBC, JPMorgan, Natexis and Société Générale acted as joint-bookrunners for the euro offering. The Sterling offering was managed by Dresdner Kleinwort Wasserstein, HSBC, JPMorgan and Société Générale, joint-bookrunners of the transaction.

France Telecom SA

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