By Paul A. Harris
Portland, Ore., Dec. 5 - Altice Financing SA priced $1.3 billion and €300 million of notes in three tranches on Thursday, according to market sources.
All three tranches came at the tight end of yield talk.
The deal included $900 million of eight-year senior secured notes (B1/BB-), which priced at par to yield 6½%.
In the euro-denominated secured tranche, €300 million of eight-year senior secured notes (B1/BB-) also priced at par to yield 6½%.
Both secured tranches were talked to yield 6½% to 6¾%.
Altice also priced $400 million of 10-year senior unsecured notes (B3/B-) at par to yield 8 1/8%. The unsecured notes were talked to price with a yield in the 8¼% area.
Goldman Sachs, Morgan Stanley, Barclays, Credit Agricole CIB and Deutsche Bank were the joint bookrunners.
Proceeds from the Rule 144A for life and Regulation S deal will be used to fund the acquisition of Orange Dominicana SA and Tricom, both of which have operations in the Dominican Republic.
Luxembourg-based Altice operates Hot Mobile, a wireless telecommunications company in Israel, and Israeli cable television company Hot.
| Issuer: | Altice Financing SA
|
| Bookrunners: | Goldman Sachs, Morgan Stanley, Barclays, Credit Agricole CIB, Deutsche Bank
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 12
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated secured notes
|
| Amount: | $900 million
|
| Maturity: | Jan. 15, 2022
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call protection: | Three years
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Price talk: | 6½% to 6¾%
|
|
|
| Euro-denominated secured notes
|
| Amount: | €300 million
|
| Maturity: | Jan. 15, 2022
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call protection: | Three years
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Price talk: | 6½% to 6¾%
|
|
|
| Unsecured notes
|
| Amount: | $400 million
|
| Maturity: | Jan. 15, 2024
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Call protection: | Five years
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8¼% area
|
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