Free raises fresh debt

French service provider Iliad Telecom/Free has raised fresh funds totaling €650 million in the form of obligatory debt with a seven-year maturation.

Free said the debt had been oversubscribed with demand from investors in excess of €2 billion. The funds will be used by the company to extend the maturity of its existing debt at favourable market rates.

The operation was led by BNP Paribas, HSBC, ING and Société Générale & Investment Banking, with Barclays, Crédit Agricole CIB, HELABA, Natixis and SMBC Nikko acting as joint lead managers.