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France Telecom Closes €2.5B Offer
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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