Vivendi places E1bn bond

French telecoms and media group Vivendi has placed bonds worth E1bn.

The company said the purpose of the bond was to optimise its debt structure and increase its average maturity.

The bond matures in five years' time and has a coupon of 7.75%. It has been issued at a price of 99.727%, corresponding to a 7.82% yield.

The issue was led by JP Morgan Chase, Natixis, Royal Bank of Scotland and Societe Generale.

The bonds have been placed with European institutional investors.