Altice France offers upsized €2.5 billion euro, dollar senior secured notes in three tranches

By Cristal Cody

Tupelo, Miss., Sept. 13 – Altice France SA (B2/B) expects to bring an upsized €2.5 billion equivalent dual currency offering of senior secured notes in three tranches on Friday, according to an informed source.

The deal includes €500 million of notes due Jan. 14, 2025 with a coupon of 2½%, €1 billion of notes due Jan. 15, 2028 with a coupon of 3 3/8% and $1.1 billion of notes due Jan. 15, 2028 with a coupon of 5½%.

Initial price talk on the euro-denominated 2025 notes was in the 2¾% area, and guidance on the euro-denominated notes due 2028 was in the 3½% area. Price guidance on the dollar notes was in the 5 5/8% area.

The Rule 144A and Regulation S offering is being upsized from a €1.5 billion two-tranche offering of euro- and dollar-denominated eight-year tranches.

Investor calls were held on Thursday.

Goldman Sachs International is the left bookrunner on the euro notes.

Citigroup Global Markets Inc. is the left bookrunner on the dollar issue.

Joint bookrunners are Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Credit Suisse Securities, Deutsche Bank Securities, J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets LLC and Societe Generale.

The 2025 notes will be non-callable for two years. The euro and dollar notes due 2028 will have three-year call protection.

Proceeds will be used to fund the redemption of all of the residual Altice Lux notes due 2022 and all of Altice France’s notes due 2024.

Altice France is a cable and telecommunications company based in Paris.

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