By Paul A. Harris
Portland, Ore., Jan. 8 – Luxembourg-based multinational telecom Altice Financing SA raised €1.7 billion and $1.2 billion by means of placing three tranches of secured notes (B2/B) on Wednesday, according to market sources.
The deal priced as follows:
• €600 million of five-year notes priced at par to yield 2¼%, at the tight end of the 2¼% to 2½% talk;
• €1.1 billion of eight-year notes priced at par to yield 3%, at the tight end of the 3% to 3¼% talk; and
• $1.2 billion of eight-year notes priced at par to yield 5%, at the tight end of the 5% to 5¼% talk.
Timing on the deal was foreshortened; it was announced early Wednesday with the expectation that it would be in the market until Thursday.
Proceeds will be used to refinance the Altice Financing dollar-denominated 6 5/8% secured notes due 2023, its euro-denominated 5¼% secured notes due 2023 and the dollar-denominated 8 1/8% unsecured notes due 2024.
| Issuer: | Altice Financing SA
|
| Securities: | Senior secured notes
|
| Amount: | €1.7 billion and $1.2 billion
|
| Passive bookrunners: | Barclays, BNP Paribas, Citigroup, Credit Agricole, Deutsche Bank, Goldman Sachs, ING, Morgan Stanley, Nomura, RBC and SG
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
|
|
| Euro notes due 2025
|
| Amount: | €600 million
|
| Maturity: | Jan. 15, 2025
|
| Bookrunners: | Credit Suisse and JPMorgan
|
| Coupon: | 2¼%
|
| Price: | Par
|
| Yield: | 2¼%
|
| Spread: | 276 bps
|
| Call protection: | Two years
|
| Price talk: | 2¼% to 2½%
|
|
|
| Euro notes due 2028
|
| Amount: | €1.1 billion
|
| Maturity: | Jan. 15, 2028
|
| Bookrunners: | Credit Suisse and JPMorgan
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Spread: | 336 bps
|
| Call protection: | Three years
|
| Price talk: | 3% to 3¼%
|
|
|
| Dollar notes due 2028
|
| Amount: | $1.2 billion
|
| Maturity: | Jan. 15, 2028
|
| Bookrunners: | JPMorgan and Credit Suisse
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 319 bps
|
| Call protection: | Three years
|
| Price talk: | 5% to 5¼%
|
|
|
© 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.
