Published on 4/18/2016 in the Prospect News High Yield Daily.
New Issue: Altice prices upsized $2.75 billion 10-year notes at par to yield 7½%
By Paul A. Harris
Portland, Ore., April 18 – Altice Financing SA priced an upsized $2.75 billion issue of 10-year senior secured notes (B1/BB-) at par to yield 7½% on Monday, according to a syndicate source.
The deal size was increased from $2.25 billion.
The yield printed at the tight end of the 7½% to 7¾% yield talk.
The deal played to about $7 billion in orders, a market source said.
Goldman Sachs & Co. was the left bookrunner. BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup Global Markets, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC, ING, Morgan Stanley & Co., Natixis, RBC Capital Markets and UBS Investment Bank were the joint bookrunners.
Proceeds, including those resulting from the $500 million upsizing of the deal, will be used to redeem the Luxembourg-based telecommunications and cable company’s $460 million and €210 million of outstanding 2012 senior secured notes at 103.938 and 104, respectively, to repay the entire principal amount outstanding under the 2013 term loan facility and to prepay $497.5 million and €398 million of the 2015 term loan.
| Issuer: | Altice Financing SA
|
| Amount: | $2.75 billion, increased from $2.25 billion
|
| Maturity: | May 15, 2026
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup Global Markets, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC, ING, Morgan Stanley & Co., Natixis, RBC Capital Markets, UBS Investment Bank
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Call protection: | Five years
|
| Trade date: | April 18
|
| Settlement date: | May 3
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
