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Altice International trims price talk on U.S. and euro term loan B’s
By Sara Rosenberg
New York, Jan. 29 – Altice International lowered price talk on its $500 million seven-year first-lien term loan B to Libor plus 425 basis points to 450 bps from Libor plus 500 bps to 525 bps and on its €400 million seven-year first-lien term loan B to Euribor plus 425 bps to 450 bps from Euribor plus 475 bps to 500 bps, according to a market source.
Also, the soft call protection on both term loan tranches was changed to 101 for one year from 102 in year one and 101 in year two, the source said.
The U.S. term loan has a 1% Libor floor and an original issue discount of 99, and the euro term loan has a 1% floor and a discount of 99½.
Books on the U.S. loan closed at 1 p.m. ET on Thursday and on the euro loan at 10:30 a.m. ET on Thursday, the source added.
Goldman Sachs, J.P. Morgan Securities LLC, Credit Suisse, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp., Credit Agricole, Banca IMI, Citigroup Global Markets Inc., HSBC Securities, Nomura Securities, RBC Capital Markets, Societe Generale and UniCredit Group are the bookrunners on the deal.
Proceeds from the total €825 million equivalent of the term loan debt will be used to help fund the acquisition of the Portuguese assets of Portugal Telecom from Grupo OI SA.
The transaction values Portugal Telecom at an enterprise value of €7.4 billion on a cash and debt-free basis, which includes a €500 million consideration related to the future revenue generation of Portugal Telecom.
Other funds for the transaction will come from $2.06 billion and €500 million of senior secured notes at Altice Financing SA and $385 million of senior notes at Altice Finco SA.
Altice is a Luxembourg-based telecommunications and cable company.
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