Altice refinances 2023, 2024 notes via new 2025, 2028 notes

By Marisa Wong

Los Angeles, Jan. 9 – Altice International plans to refinance in full its €500 million and $2.06 billion 2023 senior secured notes and $400 million 2024 senior notes using proceeds from an offering of new senior secured notes due 2025 and 2028 issued by Altice Europe NV.

Altice Europe allocated €2.8 billion equivalent of the new notes to Altice International, according to a Thursday press release.

At the same time, about €2.35 billion of proceeds from recent disposals and cash available on balance sheet will be used to permanently repay debt of €500 million at Altice Luxembourg and an additional €1.85 billion at Altice International, including the €250 million 9% 2023 senior notes it called for redemption in December.

Total annual interest savings pro forma for this transaction are €187 million, through both average cost and debt reduction, the release noted.

Atlice said this refinancing transaction further strengthens Altice Europe’s liquidity profile. The average maturity of Altice International debt capital structure, prior to the permanent debt repayment, has been extended to 6.9 years from 5.4 years.

Altice is a telecom based in Amsterdam.

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