Altice France wraps $4.26 billion, €1.72 billion extended term loans

By Sara Rosenberg

New York, Jan. 30 – Altice France allocated its $4.26 billion term loan B-14 due August 2028 (B2/B) priced at SOFR plus 550 basis points with a 0% floor and €1.724 billion term loan B due August 2028 (B2/B) priced at Euribor plus 550 bps with a 0% floor, according to market sources.

Proceeds are being used to amend and extend a U.S. term loan B due July 2025, a U.S. term loan B due January 2026, a U.S. term loan B due August 2026, a euro term loan B due July 2025 and a euro term loan B due January 2026 and for general corporate purposes.

The 2025 term loan B lenders that rolled into the new loan received an original issue discount of 97, and the 2026 lenders that rolled into the new loan and about €150 million of new money lenders received an original issue discount of 98.

The extended term loans have 101 soft call protection for one year.

JPMorgan Chase Bank is the U.S. active bookrunner, with Barclays, Credit Agricole, Natixis, Societe Generale, Morgan Stanley Senior Funding Inc., BofA Securities Inc., Citigroup Global Markets Inc., ING and RBC Capital Markets acting as passive bookrunners. BNP Paribas Securities Corp. and Goldman Sachs are the euro active bookrunners, with Barclays, Credit Agricole, Natixis, Societe Generale, Morgan Stanley, BofA Securities, Citigroup, Credit Suisse, Deutsche Bank, ING and RBC acting as passive bookrunners. JPMorgan is the agent.

Prior to the amendment and extension, the U.S. term loan B due July 2025 was sized at $1.42 billion, the U.S. term loan B due January 2026 was sized at $2.15 billion, the U.S. term loan B due August 2026 was sized at $2.5 billion, the euro term loan B due July 2025 was sized at €1.145 billion and the euro term loan B due January 2026 was sized at €1 billion.

Post transaction, the U.S. term loan B due July 2025 will be sized at about $362 million, the U.S. term loan B due January 2026 will be sized at about $552 million and the U.S. term loan B due August 2026 will be sized at about $594 million, sources added.

Pricing on the 2025 U.S. term loan is SOFR plus 275 bps, current pricing on the U.S. January 2026 term loan is SOFR plus 368.75 bps, current pricing on the U.S. August 2026 term loan is SOFR plus 400 bps, and current pricing on the euro term loans is Euribor plus 300 bps.

Along with the extension of the term loans, the company is extending its revolving credit facilities to January 2028.

Altice is a cable, telecommunications and entertainment company.

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