Altice France marketing €900 million equivalent eight-year notes in two tranches

By Paul A. Harris

Portland, Ore., Sept. 14 – Altice France SA is in the market with €900 million equivalent of eight-year senior secured notes (existing ratings B2/B), according to market sources.

The deal features a tranche of dollar-denominated notes talked to yield in the 5¼% area, versus initial guidance in the low 5% area. Goldman Sachs is the lead bookrunner. BNP Paribas and JPMorgan are the joint bookrunners.

The deal also features a tranche of euro-denominated notes. Initial talk is in the low 4% area. Official talk is scheduled to be released on Tuesday morning. BNP Paribas is the left bookrunner. Goldman Sachs and JPMorgan are the joint bookrunners.

Books close at 9:30 a.m. ET on Tuesday for investors in the United States.

Tranche sizes remain to be determined.

The notes in both tranches become callable after three years at par plus 50% of the respective coupons.

The Paris-based telecommunications company plans to use the proceeds to repay debt.

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