Altice plans €4.15 billion-equivalent notes sale to help fund SFR, Numericable merger

By Paul A. Harris

Portland, Ore., April 11 - Altice plans to sell €4.15 billion-equivalent of notes in a combination of dollar-denominated and euro-denominated notes, to help fund the merger of SFR, Vivendi's mobile telephone business, with Numericable, according to a market source.

Timing on the bond deal remains to be determined.

Goldman Sachs will be the left bookrunner in a syndicate of banks that will also include Deutsche Bank and JPMorgan.

As reported, under the terms of the merger agreement, Vivendi will receive €13.5 billion in cash and 20% of the combined SFR - Numericable Group as well as a potential earn-out of €750 million. Vivendi will also at a later stage have the possibility of selling its 20% stake according to set terms.

Prior to acquisition of SFR, Altice will acquire the 21.32% stake in Numericable owned by Carlyle Group and the 13.27% stake in Numericable owned by Cinven in return for a combination of cash and Altice shares. Altice will hold ultimately 60% of the new entity, with the final 20% as the free-float.

Altice is a Luxembourg-based cable and telecommunications company. Numericable is a cable operator. SFR is a mobile phone company.

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