Report
Canal+ : Focus Emission
French pay-TV operator Canal+ plans to tap the bond debt markets with an inaugural issue of € 500m of 5-year unsecured notes. Net proceeds will be used to reduce the size of the € 1.46bn outstanding bridge loan that was drawn to fund the acquisition of Multichoice, an African pay-TV operator that will complement Canal+’s footprint on this continent. We recommend subscribing to the new bonds at a min. yield of 3.80% (min. spread of MS+ 135bp).
Underlying
CANAL+
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Pierre François Merveille
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