Home Page ContentPress Releases Jones Day Advises France Telecom on $750 million Bond Offering

Jones Day Advises France Telecom on $750 million Bond Offering

by david.nunes

Paris, September 21, 2010 – Jones Day advised France Telecom on its SEC registered bond offering, which closed on September 16, 2010. In the transaction, France Telecom issued $750 million aggregate principal amount of 2.125% fixed-rate notes due 2015.

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. and Euro bond markets to optimize its debt by calling its $3.37 billion outstanding 7.75% SEC registered bonds due on March 1, 2011 and simultaneously issuing €500 million 3.375% notes due in 2022 under its EMTN program, the proceeds of which, together with the proceeds of the US offering, will be used to partially reimburse the called bonds.

Banc of America Securities LLC, Citigroup Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. Incorporated acted as Underwriters.

The Jones Day team was led by Paris capital markets partner Linda Hesse and included Robert Mayo, counsel, Claire Malrieu, European counsel and Stefanie Magner (capital markets) as well as partner Kenneth Krupsky (U.S. tax) and partner Vincent Agulhon (French tax).

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, Jean-Philippe Roulet, General Counsel Corporate and Financial Legal Department, Bruno Fitsch-Mouras, Head of Financial Legal, Pierre Zarifi, Head of Regulated Information, and Clothilde Petit, Legal Adviser.

The Underwriters were advised by DLA Piper (Jack Kantrowitz, Partner in New York).




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