15 September 2011
Jones Day Advises France Telecom on $2 billion Bond Offering
Jones Day advised France Telecom on its SEC registered bond offering closed on September 14, 2010. In the transaction, France Telecom issued two tranches of fixed-rate notes: $1 billion of 2.750% notes due 2016 and $1 billion of 4.125% notes due 2021.
France Telecom, a French company listed on NYSE and Euronext Paris, is one of the leading telecommunications groups in the world. Using its existing automatic shelf registration statement, available to well-known seasoned issuers registered with the SEC, France Telecom was able to quickly and easily access the U.S. market. France Telecom seized a window of opportunity in the U.S. dollar bond market to continue to extend the maturity of its debt while diversifying still further its funding sources.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., and J.P. Morgan Securities LLC acted as underwriters.
The Jones Day team was led by Paris capital markets partner Linda Hesse and included Robert Mayo, Counsel, Claire Malrieu, Of Counsel, Stefanie Magner and Philippe Pradal (capital markets) as well as Vincent Agulhon, Partner (French tax) in Paris and Kent Killelea, Of Counsel (U.S. tax) in Washington, D.C.
Jones Day’s team worked closely with the France Telecom team which included Jean-Michel Thibaud, Group Treasurer and Hervé Labbé, Head of the Dealing Room in the Finance Department and for the Legal Department, Cédric Testut, General Counsel Corporate and Financial Legal Department and Clothilde Petit, Legal Adviser.
The underwriters were advised by DLA Piper (Jack Kantrowitz, Partner in New York).
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