Altice to price €2.75 billion equivalent secured notes in three tranches on Thursday

By Paul A. Harris

Portland, Ore., Jan. 8 – Netherlands-based multi-national telecom Altice is in the market with €2.75 billion equivalent of secured notes, market sources say.

The deal, which is expected to price on Thursday, is coming in three tranches:

• €500 million of five-year notes with two years of call protection and early guidance of 2¼% to 2½%;

• A to-be-determined amount of euro-denominated eight-year notes with three years of call protection and early guidance of 2¾% to 3¼%; and

• A to-be-determined amount of dollar-denominated eight-year notes with three years of call protection and early guidance in the low-to-mid 5% area.

Credit Suisse is the lead for the euro-denominated tranches. JPMorgan is the lead for the dollar-denominated tranche.

Proceeds will be used to repay debt.

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