France Telecom has closed a €500m (US$629.5m) ten-and-a-half-year bond with the notes carrying a coupon of 2.50%.
France Telecom said it issued the notes in order to take advantage of the decrease in interest rates.
“This transaction allows the…
France Telecom has closed a €500m (US$629.5m) ten-and-a-half-year bond with the notes carrying a coupon of 2.50%.
France Telecom said it issued the notes in order to take advantage of the decrease in interest rates.
“This transaction allows the Group to maintain the long average maturity of its debt while reducing its average cost,” the company said in a statement.
BNP Paribas, Deutsche Bank, Goldman Sachs and Santander acted as bookrunners on the offering, which is set to mature on March 2023. The re-offer spread is midswaps plus 80 base points.
According to media reports the notes priced at 99.12 to yield 2.598% and are rated A3 by Moody’s, A- by Standard & Poor’s and A- by Fitch.
At the end of Q2 FT had net debt of €31.18bn a net debt to EBITDA ratio of 2.11.
