Altice plans to sell €2.1 billion equivalent notes in three tranches

By Paul A. Harris

Portland, Ore., Jan. 22 – Altice plans to sell €2.1 billion equivalent of high-yield notes in three tranches, according to a syndicate source.

Altice France SA is selling €500 million of five-year senior secured notes (expected ratings B2/B), which become callable after two years at par plus 50% of the coupon. Deutsche Bank is the physical bookrunner for the secured tranche.

Ypso Finance BIS SA is selling €500 million minimum and $500 million minimum of eight-year senior unsecured notes (expected ratings Caa1/CCC+), which become callable after three years at par plus 50% of the coupon. BNP Paribas is the physical bookrunner for the euro-denominated unsecured notes. Goldman Sachs International is the physical bookrunner for the dollar-denominated unsecured notes.

Price talk on the dollar-denominated unsecured notes is in the 6¼% area. Books for that tranche close at 9 a.m. ET on Thursday.

Barclays, Credit Agricole CIB, Credit Suisse, Citigroup, ING, JPMorgan, RBC and SG CIB are the joint bookrunners for all three tranches.

The Amsterdam-based telecom plans to use the proceeds to refinance the Altice Luxembourg 2025 dollar- and euro-denominated notes and the drawn portion of the revolving credit facility.

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