By Paul A. Harris
Portland, Ore., May 3 – Altice Luxembourg SA priced €2.8 billion equivalent of eight-year senior notes (Caa1/B-) in two tranches on Friday, according to market sources.
The deal included $1.6 billion of dollar-denominated notes that priced at par to yield 10½%. The yield printed in the middle of yield talk in the 10½% area.
In addition, Altice Luxembourg priced €1.4 billion of euro-denominated notes launched at par to yield 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 was robust, sources said.
There were $3.7 billion of orders for the dollar-denominated notes and €3.2 billion for the euro paper, an investor said.
Goldman Sachs International was the left bookrunner. BNP Paribas, Citigroup, Credit Agricole CIB, Credit Suisse, Deutsche Bank, Morgan Stanley and SG CIB were the joint bookrunners.
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.
| Issuer: | Altice Luxembourg SA
|
| Amount: | €2.8 billion equivalent
|
| Maturity: | May 15, 2027
|
| Securities: | Senior notes
|
| Left bookrunner: | Goldman Sachs International
|
| Joint bookrunners: | BNP Paribas, Citigroup, Credit Agricole CIB, Credit Suisse, Deutsche Bank, Morgan Stanley, SG CIB
|
| Call protection: | Three years
|
| Trade date: | May 3
|
| Settlement date: | May 8
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar notes
|
| Amount: | $1.6 billion
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Spread: | 802 bps
|
| Price talk: | 10½% area
|
|
|
| Euro notes
|
| Amount: | €1.4 billion
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 819 bps
|
| Price talk: | 225 bps to 250 bps inside of dollar-denominated notes
|
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