By Paul A. Harris
Portland, Ore., April 23 - Altice SA priced €4.15 billion equivalent of eight-year senior notes (B3/B/) in two tranches on Wednesday, according to market sources.
The deal included a €2,075,000,000 tranche that priced at par to yield 7¼%. The tranche was upsized from €1.9 billion. The yield came on top of yield talk that was revised from earlier talk in the 7½% area.
Altice also priced a $2.9 billion tranche of notes at par to yield 7¾%. The tranche was downsized from $3.15 billion. The yield priced on top of yield talk that was revised from earlier talk in the 8% area.
Goldman Sachs was the left joint global coordinator. Deutsche Bank and JPMorgan were also joint global coordinators. Barclays, BNP Paribas and Credit Agricole CIB were joint bookrunners.
Natixis and SG CIB were joint bookrunners for the euro-denominated tranche only.
Proceeds will be used to help fund the acquisition of Numericable and repay debt.
Altice is a Luxembourg-based cable and telecommunications company.
| Issuer: | Altice SA
|
| Amount: | €4.15 billion equivalent
|
| Maturity: | May 15, 2022
|
| Securities: | Senior notes
|
| Left global coordinator: | Goldman Sachs
|
| Global coordinators: | Deutsche Bank, JPMorgan
|
| Lead bookrunners: | Barclays, BNP Paribas, Credit Agricole CIB
|
| Bookrunners for euro tranche: | Natixis, SG CIB
|
| Trade date: | April 23
|
| Settlement date: | May 8
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Euro-denominated notes
|
| Amount: | €2,075,000,000, upsized from €2.05 billion, after having been upsized from €1.9 billion
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| First call: | May 15, 2017 at 105.438
|
| Price talk: | 7¼%, revised from 7½% area
|
|
|
| Dollar-denominated notes
|
| Amount: | $2.9 billion, downsized from $3.15 billion
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| First call: | May 15, 2017 at 105.813
|
| Price talk: | 7¾%, revised from 8% area
|
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