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Altice launches exchange offers for 10½%, 8% senior notes due 2027
By Sarah Lizee
Olympia, Wash., Jan. 29 – Altice Luxembourg SA’s new borrowing entity, YPSO Finance BIS SA, launched exchange offers for any and all of Altice Luxembourg’s $1.6 billion of 10½% senior notes due 2027 (Cusips: 02156DAA7, L01802AA2) for new dollar-denominated 10½% senior notes due 2027 and any and all of its €1.4 billion 8% senior notes due 2027 (Cusips: 199215442, 199215434) for new euro-denominated 8% senior notes due 2027, according to a notice.
The exchange consideration per $1,000 or €1,000 of original notes will be $1,000 or €1,000 of new notes.
The offers will expire at 11:59 p.m. ET on Feb. 24.
The offers are conditioned on original dollar notes representing at least 50.1% of the aggregate principal amount outstanding and original euro notes representing at least 50.1% of the aggregate principal amount outstanding being validly tendered by the expiration time.
It is expected that any remaining notes that aren’t tendered for exchange will be redeemed at 101 plus accrued interest.
The lead dealer manager is Goldman Sachs International (+44 20 7552 6157, liability.management.eu@gs.com). Other dealer managers include Barclays Bank plc, BNP Paribas, Citigroup Global Markets Ltd., Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, ING Bank NV, London Branch, J.P. Morgan Securities LLC, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, RBC Europe Ltd. and Societe Generale.
Lucid Issuer Services Ltd. (+ 44 20 7704 0880, altice@lucid-is.com) is the tender agent.
Altice is an Amsterdam-based telecom.
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