Altice sets talk for $1.1 billion equivalent three-part notes offer

By Paul A. Harris

Portland, Ore., Dec. 6 - Altice Group set price talk for its $1.1 billion equivalent three-part notes offering, a market source said on Thursday.

The telecommunications firm, which operates in Israel, is selling $700 million equivalent of seven-year senior secured notes (Ba2/BB-/), which come with three years of call protection.

The dollar-denominated secured tranche is talked to yield 8% to 8¼%. The euro-denominated secured tranche is talked to yield 12.5 basis points behind the dollar tranche.

Altice is also in the market with a $400 million tranche of eight-year senior unsecured notes (B2/B-/), which come with four years of call protection and are talked to yield 10% to 10¼%.

The deal is expected to price on Friday.

Goldman Sachs, HSBC and Morgan Stanley are the bookrunners for the Rule 144A and Regulation S for life deal.

BNP Paribas, Credit Agricole, Credit Suisse, ING and JPMorgan are the co-managers.

Proceeds will be used to refinance the telecommunications company's debt and to finance the acquisition of the remaining 31% stake in Hot Mobile that Altice does not own.

Altice operates Hot Mobile, a wireless telecommunications company in Israel, and Israeli cable television company Hot.

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