Altice France launches $2 billion and €800 million eight-year secured notes; pricing Friday

By Paul A. Harris

Portland, Ore., Sept. 24 – Altice France SA launched two tranches of eight-year senior notes (existing ratings B2/B) with final pricing, sources say.

A $2 billion amount of notes launched at 5½%, in the middle of yield talk in the 5½% area. Initial guidance was 5 5/8%.

An €800 million amount of the notes launched at 4¼%, in the middle of yield talk 4¼% area. Initial guidance was 4 3/8%.

The notes in both tranches come with three years of call protection and are expected to price on Friday.

The Paris-based telecom plans to use the proceeds to repay its 7 3/8% senior secured notes due 2026 and finance recent acquisitions.

JPMorgan is leading the dollar-denominated tranche. Morgan Stanley is leading the euro-denominated tranche.

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