Clifford Chance Paris has advised Citigroup, Crédit Agricole CIB, Commerzbank, MUFG, Natixis, Santander and Société Générale on the issuance by Compagnie Générale des Etablissements Michelin of €2.5 billion bonds. The bonds have been admitted to trading on Euronext Paris on 3 September 2018.

The bonds were issued in three tranches on the following terms:

• €750 million 0.875% notes due 2025 issued at 99.099% of the nominal value with Citigroup acting as Global Coordinator and Joint Bookrunner, Crédit Agricole CIB acting as Structuring Advisor and Joint Bookrunner and Commerzbank, MUFG, Natixis, Santander and Société Générale acting as Joint Bookrunners;

• €1 billion 1.75% notes due 2030 issued at 99.262% of the nominal value with Citigroup acting as Global Coordinator and Joint Bookrunner, Crédit Agricole CIB acting as Structuring Advisor and Joint Bookrunner and Commerzbank, MUFG, Natixis, Santander and Société Générale acting as Joint Bookrunners; and

• €750 million 2.5% notes due 2038 issued at 99.363% of the nominal value with Crédit Agricole CIB acting as Global Coordinator and Joint Bookrunner, Citigroup acting as Structuring Advisor and Joint Bookrunner and Commerzbank, MUFG, Natixis, Santander and Société Générale acting as Joint Bookrunners.

The issue has been rated A- by Standard & Poor's and A3 by Moody's.

The net proceeds from the issue of the bonds will be used by Michelin for general corporate purposes.

The Clifford Chance team consisted of Cédric Burford, partner, Andrew McCann, senior associate, and Lou Bernard, associate.