Altice sets tranche sizes, price talk in benchmark eight-year secured notes offer, pricing Tuesday

By Paul A. Harris

Portland, Ore., Aug. 3 – Altice Financing SA set tranche sizes and price talk in its benchmark offering of eight-year senior secured notes (expected ratings B2/B), according to an informed source.

The Rule 144A and Regulation S for life deal includes $1.9 billion of notes talked to yield in the 5¾% area, wide to initial guidance in the mid-5% area. Goldman Sachs & Co. LLC is the left bookrunner for the dollar-denominated tranche.

It also features a tranche for €600 million minimum talked to yield in the 4 3/8% area, tight to guidance in the mid-4% area. BNP Paribas Securities Corp. is the left bookrunner for the euro-denominated tranche.

The deal is set to price on Tuesday.

Barclays, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Banca IMI, ING Financial Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and SG Americas Securities LLC are joint bookrunners for both tranches.

The notes in both tranches become callable after three years at par plus their respective coupons.

The Luxembourg-based cable TV services provider plans to use the proceeds to refinance its 7½% senior secured notes due 2026.

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