PARIS-France Telecom raised a record nearly $16 billion Monday by launching a rescue rights issue to help resolve its nearly $70 billion debt pile. The deal is the largest fully underwritten rights issue.
Several credit agencies said they are considering upgrading the French company’s credit rating on the news.
The French government will subscribe for about $9.6 billion of the issue to maintain its 56-percent stake in the operator.
The issue is priced at $15.50 per share. For each 20 warrants held, shareholders will have the right to buy 19 new France Telecom shares.
