Everything will soon be in place for the launch of the capital increase of 15 billion euros for France Telecom. _ The first step to launch a bond issue which has been mandated four banks _ has been switched on yesterday. With this loan, the state will raise funds it will use to subscribe to the recapitalization of the telephone operator. This participation will be through the public institution Erap, who will transfer the entire interest of the state..

The Erap has to do the State guarantee provided by the finance law for 2002 amendment, the government said in the explanatory memorandum to the bill allowing the operation. The agencies gave ratings of AAA The Erap has implemented a program in December EMTN (Euro Medium Term Notes) from 10 billion euros, in which the bonds will be issued shortly. Unsurprisingly, Standard & Poor’s, Moody’s and Fitch have all three assigned AAA rating yesterday EMTN program, a rating as good as that of the state. The bonds or notes therefore benefit from this high, which should ensure their success, even in the current market conditions.

The meetings with investors to begin Friday and last for ten days in Paris and in several major financial centers of Asia and Europe. The terms of the offering will depend on investor demand. At this stage, the Erap intends to proceed in several tranches, but the first installment will be of sufficient size to ensure adequate liquidity to investors _ at least 3 billion euros. Maturity should be between two and ten years, and the yield is higher than a few basis points-that is to say a few hundredths of a percentage point _ to those of bonds.

In addition, the bill was tabled in the National Assembly. It must be considered in Committee of Economic Affairs today and was included in the debates of March 18.

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