Report
Pierre François Merveille

Iliad : Plug and Play

Nous revenons dans cette étude sur l’émission obligataire de 1 ,3 md EUR en deux tranches (2024 et 2028) réalisée par Iliad début février pour conclure le financement à long-terme de l’acquisition de Play, avec la cession de 60% de la towerco en Pologne pour 804 m EUR (annonce en octobre 2020), l’obtention d’un term loan (termes non dévoilés) et l’utilisation d’une partie de la trésorerie existante (1,0 md EUR à fin juin 2020). - Nous estimons que le levier publié pro-forma devrait...
Underlying
Iliad

Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.

Provider
Oddo BHF
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.

Analysts
Pierre François Merveille

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