Thales €1.8bn bond to finance the Imperva acquisition
Imperva acquisition (announced 25 July 2023)
Key terms
- Borrower or issuer
- Thales
- Date
- Oct 2023
- Type
- Bond
- Amount
- €1.8bn (US$1.9bn)
- Pricing
- 4% (2-year), 4.125% (5-year), 4.25% (8-year)
- Maturity
- 2025-2031
- Rating at issue
- A- (index)
Recorded terms
- Structure
- Three €600m fixed-rate tranches: 2-year 4%, 5-year 4.125% and 8-year 4.25%
- Lenders and arrangers
- Global coordinators BNP Paribas, Crédit Agricole CIB, Deutsche Bank; bookrunners HSBC, J.P. Morgan, Natixis, Santander, Société Générale, UniCredit, Barclays, BBVA, CIC, Citibank, Commerzbank
- Country
- France
Rating at issue
Rated A- at issue on the index basis (middle of three agencies, lower of two), from the issuer's own release.
This issue, widely subscribed by a diversified investor base, confirms the confidence of the market in the creditworthiness of the Group, which is rated A2 (outlook: stable) by Moody’s and A- (outlook: stable) by S&P Global Ratings
Ratings change over time; check the agencies for the current rating.
Parties
- Thales borrower or issuer
- bookrunner/arranger: Citigroup, J.P. Morgan, Barclays, Deutsche Bank, HSBC, BNP Paribas, Credit Agricole CIB, Societe Generale, Santander, BBVA, Commerzbank, UniCredit, Natixis
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 23 Sep 2026 | Saab €300m 4.25% EMTN bond due 2033 | Bond | €300m |
| 30 Jul 2026 | Booz Allen Hamilton US$1,200m senior notes (2 tranches) | Bond | US$1.2bn |
| 7 Jul 2026 | Babcock International £250m 5.125% bonds due 2031 | Bond | £250m |
| 28 May 2026 | Rheinmetall €500m senior bond due 2031 | Bond | €500m |
| 10 Mar 2026 | Moog US$500m 5.500% senior notes due 2034 | Bond | US$500m |
More from Thales
| Date | Financing | Type | Amount |
|---|---|---|---|
| 20 Aug 2026 | Thales €1bn bond to finance the Exail acquisition | Bond | €1bn |
| Jun 2023 | Thales €500m 3.625% bond due 2029 | Bond | €500m |
| 19 Nov 2020 | Thales €500m 0% bond due 2026 | Bond | €500m |
| 7 May 2020 | Thales €700m 1% bond due 2028 | Bond | €700m |
| 22 Jan 2020 | Thales €500m 0.25% bond due 2027 | Bond | €500m |
| 21 May 2019 | Thales €500m 0% bond due 2022 | Bond | €500m |
M&A and investment involving Thales
| Date | Deal | Type | Value |
|---|---|---|---|
| 23 Oct 2025 | Airbus, Thales and Leonardo space business combination (Project Bromo) | JV / capital partnership Announced | Not disclosed |
Sources
- Thales: Thales finalizes the financing of its contemplated Imperva acquisition, issuing a €1.8bn bond (AMF filing) echanges.dila.gouv.fr · 11 Oct 2023
- Thales consolidated financial statements at 31 December 2025 thalesgroup.com
About this record
Record DEF-2023-0010, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Senior notes are unsecured promises to pay, priced off government bonds; the prospectus sets the covenants, the change-of-control put and the redemption terms.
