IFLR1000

Michelin Luxembourg's €600 million dual tranche bond issue

26/5/2015
Investment grade bond/note issue
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€ 600 million

$ 640.823 million

Completed

26/5/2015

Overview:

  • Tyre maker Michelin Luxembourg has successfully issued €600 million of bonds.
  • The placement came in two tranches: a €300 million seven-year tranche with a 1.125% coupon and a €300 million 12-year tranche with a 1.75% coupon, due 2022 and 2027.  
  • The placement is to help the company with its liquidity and by diversifying its debt. 
  • Crédit Agricole CIB, Deutsche Bank, HSBC, Natixis and Mitsubishi UFJ Securities were joint lead managers for the issue, and the bonds were guaranteed by Compagnie Financière du Groupe Michelin

John Crabb - Journalist 

Jurisdictions:

France
Luxembourg
Switzerland

Deal type:

Investment grade bond/note issue

Practice area:

Capital markets : Debt

Industry sectors:

Consumer goods and services
Industrials and manufacturing
Automotive

Firms:
Clifford Chance

Party: Crédit Agricole Corporate and Investment Bank (Joint lead manager)

Party: Deutsche Bank (Joint lead manager)

Party: HSBC (Joint lead manager)

Party: Natixis (Joint lead manager)

Lawyer: Cedric Burford

Lenz & Staehelin

Party: Michelin Luxembourg (Issuer)

Lawyer: Patrick Hünerwadel

White & Case

Party: Michelin Luxembourg (Issuer)

Lawyers: Alexandre Ippolito, Max Turner, Thomas Le Vert

Wildgen

Party: Michelin Luxembourg (Issuer)

Lawyer: Pierre Metzler (retired)

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