Altice accepts €218.83 million of tendered notes from two 2025 series

By Marisa Wong

Los Angeles, March 12 – Altice France SA announced the final results of its March 4 cash tender offers for up to a maximum principal amount of its outstanding 2½% senior secured notes due Jan. 15, 2025 (ISIN: XS2054539627) and 2 1/8% senior secured notes due Feb. 15, 2025 (ISIN: XS2110799751).

As of the expiration of the offers at noon ET on March 11, holders had tendered €306,577,000 of the January 2025 notes and €234,614,000 of the February 2025 notes, according to a company announcement on Tuesday.

Altice increased the maximum offer amount to €218.83 million from €215 million and accepted for purchase €109,137,000 of the January 2025 notes with a proration factor of 33.8749% and €109,693,000 of the February 2025 notes with a proration factor of 45.7857%.

The issuer will purchase the accepted January 2025 notes at 98.5 and the accepted February 2025 notes at 98.

After settlement, which is expected to be on March 14, €380,717,000 of the original €489,854,000 of January 2025 notes and €328,594,000 of the original €438,287,000 of February 2025 notes will remain outstanding.

The tender offers only covered the Regulation S notes of both series. The issuer did not accept tenders of Rule 144A notes for either series.

Goldman Sachs Bank Europe SE (+44 20 7774 4836, liabilitymanagement.eu@gs.com) is the dealer manager.

Kroll Issuer Services Ltd. (+44 20 7704 0880, Attention: Alessandro Zorza, altice@is.kroll.com, https://deals.is.kroll.com/altice) is the tender agent.

Altice is a Paris-based telecom.

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