Altice lifts U.S. term loan B to $910 million, drops euro loan plans

By Sara Rosenberg

New York, March 22 – Altice Financing upsized its U.S. term loan B (B1/BB-) due 2025 to $910 million from $425 million and eliminated plans for a €446 million term loan B due 2025, according to a market source.

Also, pricing on the U.S. term loan B firmed at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, the source said.

The U.S. term loan B still has a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

The cancelled euro term loan B was talked at Euribor plus 300 bps to 325 bps with a 0% floor, a par issue price and 101 soft call protection for six months.

Credit Suisse, BNP Paribas, Deutsche Bank and JPMorgan are the lead banks on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to refinance $425 million of senior notes due 2020 and a €446 million term loan B.

Altice is a Luxembourg-based cable and telecom company.

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