Published on 9/13/2019 in the Prospect News High Yield Daily.
New Issue: Altice France prices upsized €2.55 billion dual currency notes in three tranches
By Cristal Cody
Tupelo, Miss., Sept. 13 – Altice France SA priced an upsized €2.55 billion equivalent dual currency offering of senior secured notes (B2/B) in three tranches on Friday, according to an informed source.
The Rule 144A and Regulation S offering was upsized from an initial €1.5 billion two-tranche dual currency deal and from a €2.5 billion equivalent three-part deal.
The company sold €550 million of notes due Jan. 14, 2025 at par to yield 2½% and a spread of Bunds plus 323 basis points.
The tranche was upsized from a minimum €350 million offering and from €500 million at the launch.
Initial price talk on the euro-denominated 2025 notes was in the 2¾% area.
Altice France priced €1 billion of notes due Jan. 15, 2028 at par to yield 3 3/8%. The spread was 397 bps over the benchmark.
Guidance on the 2028 notes was in the 3½% area.
In the dollar offering, the company sold $1.1 billion of notes due Jan. 15, 2028 at par to yield 5½%. The notes priced with a spread of 377 bps over Treasuries.
Price guidance was in the 5 5/8% area.
Goldman Sachs International was the left bookrunner on the euro notes.
Citigroup Global Markets Inc. was the left bookrunner on the dollar issue.
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.
| Issuer: | Altice France SA
|
| Guarantors: | Societe Francaise du Radiotelephone – SFR SA, SFR Presse SAS, SFR Presse Distribution SAS, Ypso France SAS, Ypso Finance Sarl, SFR Fibre SAS, Altice B2B France SAS, Completel SAS, Numericable US SAS and Numericable U.S. LLC
|
| Amount: | €2.55 billion equivalent
|
| Description: | Senior secured notes
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Investor calls
|
|
|
| Notes due 2025
|
| Amount: | €550 million
|
| Maturity: | Jan. 14, 2025
|
| Bookrunners: | Goldman Sachs International (left), Citigroup Global Markets Inc., Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, RBC Europe Ltd. and Societe Generale
|
| Coupon: | 2½%
|
| Price: | Par
|
| Yield: | 2½%
|
| Spread: | Bunds plus 323 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps; Sept. 15, 2021 until Sept. 14, 2022 at 101.25, Sept. 15, 2022 through Sept. 14, 2023 at 100.625 and Sept. 15, 2023 and thereafter at par
|
| Change-of-control put: | 101%
|
| Equity clawback: | Up to 40% of the notes at 102.5 before Sept. 15, 2021
|
| Price guidance: | 2¾% area
|
|
|
| Euro notes due 2028
|
| Amount: | €1 billion
|
| Maturity: | Jan. 15, 2028
|
| Bookrunners: | Goldman Sachs International (left), Citigroup Global Markets Inc., Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, RBC Europe Ltd. and Societe Generale
|
| Coupon: | 3 3/8%
|
| Price: | Par
|
| Yield: | 3 3/8%
|
| Spread: | Bunds plus 397 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps; Sept. 15, 2022 until Sept. 14, 2023 at 101.688, Sept. 15, 2023 through Sept. 14, 2024 at 100.844 and Sept. 15, 2024 and thereafter at par
|
| Change-of-control put: | 101%
|
| Equity clawback: | Up to 40% of the notes at 103.375 before Sept. 15, 2022
|
| Price guidance: | 3½% area
|
|
|
| Dollar notes due 2028
|
| Amount: | $1.1 billion
|
| Maturity: | Jan. 15, 2028
|
| Bookrunners: | Citigroup Global Markets Inc. (left), Goldman Sachs International, Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, J.P. Morgan Securities LLC, Morgan Stanley & Co. International plc, RBC Capital Markets LLC and Societe Generale
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | Treasuries plus 377 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps; Sept. 15, 2022 through Sept. 14, 2023 at 102.75, Sept. 15, 2023 through Sept. 14, 2024 at 101.375 and Sept. 15, 2024 and thereafter at par
|
| Change-of-control put: | 101%
|
| Equity clawback: | Up to 40% of the notes at 105.5 before Sept. 15, 2022
|
| Price guidance: | 5 5/8% area
|
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