Altice Europe has successfully priced and allocated EUR2.55 billion (USD2.8 billion) of new Senior Secured Notes at Altice France, upsized from the original offering of EUR1.5 billion following ‘significant excess demand’. The proceeds from this transaction will be used by Altice France to redeem in full its existing EUR750 million and USD815 million 2024 Senior Secured Notes, and by Altice Luxembourg to exchange in full its existing EUR445 million and USD636 million 2022 Senior Notes. Commenting on the transactions, Malo Corbin, CFO of Altice Europe, said: ‘This refinancing transaction demonstrates Altice Europe’s commitment to proactively manage its liabilities across its capital structure, improving its maturity schedule while reducing its annual cash interest cost. Continued strong support from the debt capital markets and improving operational performance enabled us to upsize this refinancing while pricing at a record low level for Altice France. As the Group is on track to reach its mid-term leverage target of 4.25x for Altice Luxembourg, underpinned by accelerating growth of revenue, EBITDA and OpFCF, we are focused on reducing our annual cash interest costs by refinancing most of our debt in the next two years to reach up to EUR700 million annual cash interest savings through both average cost and debt reduction.’
Have feedback, corrections, or story ideas? Send them to email@example.com.
Browse Past Issues
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors