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Altice firms U.S. and euro term loans at Libor/Euribor plus 425 bps
By Sara Rosenberg
New York, Jan. 30 – Altice Financing SA finalized pricing on its $500 million seven-year first-lien term loan B and €400 million seven-year first-lien term loan B at Libor/Euribor plus 425 basis points, the low end of revised talk of Libor/Euribor plus 425 bps to 450 bps, according to a market source.
At launch, the U.S. term loan had been talked at Libor plus 500 bps to 525 bps and the euro term loan had been talked at Euribor plus 475 bps to 500 bps.
The U.S. term loan has an original issue discount of 99 and the euro term loan has a discount of 99½.
Both term loans have a 1% floor and 101 soft call protection for one year.
Earlier in syndication, the call protection on both term loan tranches was changed from 102 in year one and 101 in year two.
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 term loans 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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