Spanish tobacco manufacturer Altadis has tapped the European debt market for the first time with a benchmark €1.1 billion issue. The offering comprises a €600 million five-year bond with a 4.25% coupon, and a €500 million 10-year bond with a 5.125% coupon.
The issue follows Altadis’s recent acquisition of Moroccan tobacco monopoly Regie des Tabacs du Maroc (RdT). Altadis will use the proceeds to repay a bridge loan used to make the €1.3 billion purchase. It also allows Altadis to term out th