Iliad completed a bond issuance worth €650 million, as it looks to raise cash to support its operations in France and Italy, and fund continued fibre and mobile infrastructure rollouts.
In a statement, the operator said it had taken advantage of “supportive market conditions” to increase its liquidity and extend the maturity of its debt through the bonds.
The bonds issued have a six year term and were “highly successful”, attracting demand of around €2 billion, “reflecting the strength of its strategy and outlook”, said the company.
Iliad cautioned it in its Q1 results the Covid-19 (coronavirus) pandemic had impacted the pace of its planned infrastructure rollouts, which were “less robust” in the period.
It, however, set itself a target to continue its infrastructure buildout going forward, with the bond issuance appearing a way to raise funds and put its plans back on track.
Iliad also said it now will ramp up its 2024 Odyssey plan “with confidence”, a strategy it revealed more than a year ago.
The plan includes a revised commercial strategy; acquisition of further spectrum assets; stepping-up its fibre offering in France; and a move into the enterprise segment.
As part of the plan, the company is targeting 4.5 million fibre subscribers in France by the end of 2024 and to have 80 per cent of its mobile subscribers on unlimited 4G plans.Subscribe to our daily newsletter Back