Paris-headquartered group Vivendi has priced €750m notes due 2019 under its EMTN programme.
The 2.375% notes priced at 99.574, 125 basis points over mid-swaps, to yield 2.46%.
HSBC, Mitsubishi UFJ, Natixis and RBS were lead managers.
Proceeds will…
Paris-headquartered group Vivendi has priced €750m notes due 2019 under its EMTN programme.
The 2.375% notes priced at 99.574, 125 basis points over mid-swaps, to yield 2.46%.
HSBC, Mitsubishi UFJ, Natixis and RBS were lead managers.
Proceeds will be used to refinance a bond with a 7.75% coupon, initially issued for a five year period, which is due in January 2014. The transaction keeps Vivendi’s debt maturity profile average at above four years.
Moody’s rated the six-year notes, which are listed in Luxembourg, Baa2.
The conglomerate, which reports telecoms as its primary revenue stream, did not disclose what the proceeds of the issuance would be used for.
Vivendi is in the middle of a strategic review and is looking to orientate its business away from the telecoms sector. It plans to sell Maroc Telecom and its French operator SFR looks set to be either separated from Vivendi, or listed, or both.
