By Paul A. Harris
Portland, Ore., April 13 – Altice France SA (B2/B) priced two tranches of eight-year senior secured notes on Tuesday, according to market sources.
The deal featured $2.5 billion of notes that priced at par to yield 5 1/8%, in the middle of the 5% to 5¼% yield talk, which came on top of initial guidance. JPMorgan was the left bookrunner, with Goldman Sachs also a bookrunner on the tranche.
The deal also featured €400 million of notes that priced at par to yield 4%, in the middle of yield talk in the 4% area, which also came on top of initial guidance. Goldman Sachs was the left bookrunner for the euro-denominated notes, with JPMorgan also a bookrunner.
The Paris-based telecom plans to use the proceeds to partially repay the Altice France dollar-denominated 7 3/8% senior secured notes due 2026.
| Issuer: | Altice France SA
|
| Issuer ratings: | Moody's B2
|
| S&P: B
|
| Maturity: | July 15, 2029
|
| Securities: | Senior secured notes
|
| Trade date: | April 13
|
| Settlement date: | April 27
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Dollar tranche
|
| Amount: | $2.5 billion
|
| Bookrunners: | JPMorgan and Goldman Sachs
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 366 bps
|
| Call protection: | Three years
|
| Price talk: | 5% to 5¼%
|
|
|
| Euro tranche
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| Amount: | €400 million
|
| Bookrunners: | Goldman Sachs and JPMorgan
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 441 bps
|
| Call protection: | Three years
|
| Price talk: | 4% area
|
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