Altice Luxembourg sets talk in €2.8 billion equivalent two-part deal; pricing Friday

By Paul A. Harris

Portland, Ore., May 2 – Altice Luxembourg SA set price talk for its €2.8 billion equivalent two-part offering of eight-year senior notes (Caa1/B-) on Thursday, according to market sources.

The Rule 144A and Regulation S offering is coming in dollar-denominated notes, which are talked to yield in the 10½% area, and euro-denominated notes talked to yield 225 basis points to 250 bps inside of the dollar-denominated notes.

Tranche sizes remain to be determined.

Dollar-denominated books were scheduled to close on Thursday. Euro-denominated books remain open into the London morning on Friday.

Goldman Sachs International is the left bookrunner. BNP Paribas, Citigroup, Credit Agricole CIB, Credit Suisse, Deutsche Bank, Morgan Stanley and SG CIB are the joint bookrunners.

The notes come with three years of call protection.

The New York City-based telecommunications and mass media company plans to use the proceeds to partially refinance $2.9 billion and €2.075 billion of its 2022 notes.

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