By Paul A. Harris
Portland, Ore., April 19 – Altice-Cequel/Suddenlink priced a $1.5 billion issue of 10-year senior secured notes (Ba3/BB-) at par to yield 5½% on Tuesday, according to market sources.
The quick-to-market deal came at the tight end of the 5½% to 5¾% price talk and on top of initial guidance.
An anticipated upsizing of up to $1 billion did not materialize.
J.P. Morgan Securities LLC, Barclays, BNP Paribas, Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. and RBC Capital Markets are the joint bookrunners for the Rule 144A for life offering.
Proceeds will be used to refinance bank debt.
The deal came just one day after Altice Financing SA priced an upsized $2.75 billion (from $2.25 billion) issue of 10-year senior secured notes (B1/BB-) at par to yield 7½% in a quick-to-market transaction on Monday.
Altice is a Luxembourg-based telecommunications and cable company.
| Issuer: | Altice U.S. Finance I Corp. (Altice-Cequel/Suddenlink)
|
| Amount: | $1.5 billion
|
| Maturity: | May 15, 2026
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, BNP Paribas, Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co., RBC Capital Markets
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Call protection: | Five years
|
| Trade date: | April 19
|
| Settlement date: | April 26
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor’s: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Quick to market
|
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