French defense and technology company Thales issued €1 billion in bonds on August 20, 2026, to finance its planned acquisition of high-tech industrial company Exail.
The bond issue was split into two €500 million tranches. The first has a four-year term and a fixed coupon of 3.50%, while the second has an eight-year term and a fixed coupon of 3.75%.
The issue attracted strong investor demand and was widely subscribed to by a diversified investor base, reflecting market confidence in Thales’ credit quality, according to the company’s press release. The company is rated A2 with a stable outlook by Moody’s and A- with a stable outlook by S&P Global Ratings.
The issuance was managed 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 bookrunners.
Thales announced plans to acquire Exail on July 6, 2026, with the aim of strengthening its position in the underwater warfare market and expanding its capabilities in inertial navigation systems through Exail’s complementary expertise.