Moody's assigns Altice notes B3

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Altice SA.

At the same time, the agency assigned a provisional B3 rating to the proposed new issue of €4.15 billion-equivalent senior notes with a weighted average maturity of no less than seven years (with euro and dollar tranches).

Proceeds are expected to be used, together with proceeds from a €570 million issue of new equity, to: (a) fund the take-up of Altice's rights under a planned rights issue at its indirectly held Numericable Group SA subsidiary (€3.53 billion); (b) refinance existing margin loans at Altice France SA (€330 million); (c) fund the acquisition of an additional 14% stake in Numericable Group (€530 million); (d) an interest overfund (€250 million); and (e) transaction costs (€80 million).

The proceeds, apart from overfunding and transaction costs, will be passed on to Altice France, which holds Altice's shares in Numericable Group. Moody's said it understands that all financings are fully underwritten.

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