Altice sets tranche sizes, talk on €4.15 billion equivalent two-part eight-year notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., April 21 - Altice SA set tranche sizes and yield talk for its €4.15 billion equivalent offering of eight-year senior notes (B3/B), a market source said on Monday.

A $3.15 billion tranche is talked to yield in the 8% area.

A €1.9 billion tranche is talked to yield in the 7½% area.

Books close on Tuesday, and the notes are expected to price on Wednesday.

Goldman Sachs is the left joint global coordinator. Deutsche Bank and JPMorgan are also joint global coordinators.

The syndicate of underwriters also includes Barclays, BNP Paribas, Credit Agricole CIB, Credit Suisse, Morgan Stanley, ING and Natixis.

The Rule 144A and Regulation S notes come with three years of call protection.

The Luxembourg-based cable and telecommunications company plans to use the proceeds to help fund the acquisition of Numericable and to repay debt.

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