Altice France term loan B-13 size finalizes at $2.5 billion

By Sara Rosenberg

New York, July 16 – Altice France wrapped syndication of its eight-year term loan B-13 after increasing the size to $2.5 billion from $2 billion, according to a market source.

Pricing on the loan is Libor plus 400 basis points with a 0% Libor floor and an original issue discount of 97.5.

The term loan B-13 has 101 soft call protection for one year.

Earlier in syndication, pricing on the loan was increased from Libor plus 375 bps, the discount was changed from 99, the call protection was extended from six months and the 12-month MFN sunset was eliminated.

J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Goldman Sachs Bank USA, Barclays, Citigroup Global Markets Inc., Credit Agricole, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ING Capital Markets, Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the leads on the deal.

Proceeds will be used to refinance some of the company’s existing first-lien notes due 2022.

Due to the MFN protection contained in the company’s existing term loan B-12, pricing on the tranche will be moved to Libor plus 368.75 bps from Libor plus 300 bps in connection with the new term loan B-13.

Altice is a cable and telecommunications company.

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