Thales raises 1 billion euros in bonds to finance Exail acquisition
The defense electronics group raised 1 billion euros on the bond market to finance the Exail acquisition project, announced in early July. The operation was carried out in two tranches with distinct maturities and coupons.
Two tranches at 4 and 8 years, coupons of 3.50% and 3.75%
Thales issued on August 20, 2026 a bond loan in two tranches for a total amount of 1 billion euros. The first tranche amounts to 500 million euros, with a maturity of 4 years, at a fixed rate with a coupon of 3.50%.
The second tranche also amounts to 500 million euros, with a maturity of 8 years, at a fixed rate with a coupon of 3.75%. This issuance is intended to finance the Exail acquisition project, announced on July 6, 2026.
Issuance subscribed by a diversified investor base
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According to the group, the issuance met strong demand from investors and was largely subscribed by a diversified base. Thales indicates that this placement reflects the credit quality of the group, rated A2 (stable outlook) by Moody's and A- (stable outlook) by S&P Global Ratings.
The operation was led by Crédit Agricole Corporate & Investment Bank as global coordinator, alongside BNP Paribas, Deutsche Bank, J.P. Morgan, Natixis, Santander, Société Générale, Barclays, CIC, Commerzbank, HSBC and UniCredit as book runners.
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Outlook / guidance
Expected revenue: 23 600 millions d'euros
Management commentary: Organic sales growth expected between +6% and +7%, corresponding to sales of €23.3 to €23.6 billion; Adjusted EBIT margin expected between 12.6% and 12.8%
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