Wildgen has advised the Michelin group on the successful placement of a bond issue in two tranches: a EUR 300 million seven-year tranche with a 1.125 per cent coupon and a EUR 300 million 12-year tranche with a 1.750 per cent coupon.
The issuer of the notes is Michelin Luxembourg SCS, with the guarantee of holding company the Compagnie Financière du Groupe Michelin, “Senard et Cie”. The issue has been rated BBB+ by Standard & Poor’s and A3 by Moody’s.
The bond issue supports the Michelin Group’s strategy of actively managing its debt and strengthening its liquidity. It helps to diversify Michelin’s sources of financing and enhance its financial flexibility by lengthening the average maturity of its debt.
Michelin has been advised by White & Case in Paris (Thomas Le Vert and Cenzi Gargaro) and by Lenz & Staehelin (Patrick Hünerwadel) in Switzerland. Clifford Chance advised Crédit Agricole CIB, Deutsche Bank, HSBC, Natixis and MUFG which were joint lead managers for the issue.