Iliad Holding S.A.S.’s High‑Yield Senior Secured Notes Offerings and Concurrent Cash Tender Offer

Cravath represented the initial purchasers in connection with the €600 million and $750 million 144A/Reg. S high‑yield senior secured notes offering and the €150 million and $200 million 144A/Reg. S high‑yield additional senior secured notes offering of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange. The transactions closed on May 14, 2024, and May 16, 2024, respectively.

Cravath also represented the dealer managers in connection with Iliad’s concurrent cash tender offer of €400 million and $500 million. Proceeds of the offering will be used to partially refinance Iliad’s existing notes through the tender offer and to finance the acquisition of Tele2 Sverige AB by Freya Investissement, an investment vehicle jointly owned by Iliad and NJJ Holding. The cash tender offer expired on May 28, 2024.

The Cravath team included partners Philip J. Boeckman and Philip Stopford and associates Katherine R. Booth, Luke A. Martin, Mayssa Khattar, Francesca Sebastiani and Belén Díaz‑Negrete on capital markets matters, and partner Matthew Morreale on environmental matters.