Published on 1/23/2020 in the Prospect News High Yield Daily.
New Issue: Altice prices upsized €2.9 billion equivalent notes in three tranches
By Paul A. Harris
Portland, Ore., Jan. 23 – Altice upsized its three-part notes offering to €2.9 billion equivalent from €2.1 billion equivalent and priced the notes as follows.
Altice France SA priced €500 million of 2 1/8% five-year senior secured notes (B2/B) at 99.408 to yield 2¼%. The notes are non-callable for two years.
Ypso Finance BIS SA sold two tranches of eight-year senior unsecured notes (Caa1/CCC+) that are non-callable for three years.
A €500 million tranche priced at par to yield 4%.
An upsized $1,225,000,000 tranche priced at par to yield 6%. The tranche had been marketed at a size of $500 million minimum. The yield printed inside of price talk in the 6¼% area.
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.
| Company: | Altice
|
| Amount: | €2.9 billion equivalent, increased from €2.1 billion equivalent
|
| Managers: | Deutsche Bank, BNP Paribas, Goldman Sachs, Barclays, Credit Agricole, Credit Suisse, Citigroup, ING, JPMorgan, Morgan Stanley, RBC and SG
|
| Trade date: | Jan. 23
|
| Settlement date: | Feb. 6
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Secured notes
|
| Issuer: | Altice France SA
|
| Amount: | €500 million
|
| Maturity: | Feb. 15, 2025
|
| Physical bookrunner: | Deutsche Bank (bill and deliver)
|
| Coupon: | 2 1/8%
|
| Price: | 99.408
|
| Yield: | 2¼%
|
| Ratings: | Moody's: B2
|
| S&P: B
|
|
|
| Euro unsecured notes
|
| Issuer: | Ypso Finance BIS SA
|
| Amount: | €500 million
|
| Maturity: | Feb. 15, 2028
|
| Physical bookrunner: | BNP Paribas
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
|
|
| Dollar unsecured notes
|
| Issuer: | Ypso Finance BIS SA
|
| Amount: | $1,225,000,000, increased from $500 million
|
| Maturity: | Feb. 15, 2028
|
| Physical bookrunner: | Goldman Sachs
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
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