Thales has issued a 1 billion euro bond to finance the projected acquisition of Exail, an agreement originally announced on July 6.
The issuance was divided into two 500 million euro tranches. The first tranche carries a 4-year term with a fixed coupon rate of 3.50%, while the second tranche features an 8-year term with a fixed coupon rate of 3.75%.
The bond issuance saw strong investor demand and was widely subscribed by a diversified investor base, reflecting market confidence in the credit quality of the group. Thales currently holds an A2 rating with a stable outlook from Moody’s and an A- rating with a stable outlook from S&P Global Ratings.
Crédit Agricole Corporate & Investment Bank acted as the global coordinator for the issuance. The bookrunning team included BNP Paribas, Deutsche Bank, J.P. Morgan, Natixis, Santander, Société Générale, Barclays, CIC, Commerzbank, HSBC, and UniCredit.
Thales is a global leader in advanced technologies for the defence, aerospace, and cyber and digital sectors. The company reported sales of 22.1 billion euros in 2026 and employs more than 85,000 people across 65 countries. The group allocates 4.5 billion euros annually to research and development in critical areas, including artificial intelligence, cybersecurity, quantum, cloud technologies, and 6G.
