Altice sets tranche sizes, finalizes pricing for €2.8 billion equivalent notes; pricing Friday

By Paul A. Harris

Portland, Ore., May 3 – Altice Luxembourg SA set tranche sizes and finalized pricing in its €2.8 billion equivalent two-part offering of eight-year senior notes (Caa1/B-) on Friday, according to market sources.

The deal includes $1.6 billion of dollar-denominated notes launched at 10½%, in the middle of price talk in the 10½% area, and €1.4 billion of euro-denominated notes launched at 8%, at the rich end of spread talk that had them coming 225 basis points to 250 bps inside of the dollar-denominated notes.

Demand for the paper is robust, sources say.

There are $3.7 billion of orders for the dollar-denominated notes and €3.2 billion for the euro paper, an investor said.

The Rule 144A and Regulation S offering is set to price 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.

© 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.