Altice NV: Altice announces successful refinancing of existing debt of its Altice International credit pool, pricing $2.75 bi...
April 19 2016 - 12:30AM
April 19, 2016 - Altice N.V.
(Euronext: ATC & ATCB) announces Altice Financing S.A., a
subsidiary of Altice International S.a.R.L. ("Altice
International") has successfully priced $2.75 billion of 10-year
Senior Secured Notes (Non-Call 5) in a Rule 144A / Regulation S
offering with institutional investors, upsizing from the original
offering size of $2.25 billion launched on April 18 following
excess demand. All of the proceeds will be used to refinance
existing secured debt at Altice Financing, including the entire
aggregate principal amount of the: $460 million of Senior Secured
Notes due 2019; €210 million of Senior Secured Notes due 2019;
$1,013 million of loans under the July 2019 Term Loan Facility,
and; approximately €855 million (equivalent) of loans under the
February 2022 Term Loan Facility entered into in connection with
the acquisition of Portugal Telecom.
On this basis, the average
maturity of the Altice International capital structure has been
materially extended from 6.0 years to 7.7 years, strengthening
Altice's liquidity profile. Altice International now has no
material debt repayments due until 2022. The weighted average cost
of Altice International's debt will be unchanged at 6.0%.
The USD coupon of the new Senior
Secured Notes will be 7.5%. The equivalent swapped coupon for the
euro repayments is c.5.8%.
Dennis Okhuijsen,
CFO of Altice: Following the recent successful $7.8 billion
refinancing of SFR's debt, this transaction again demonstrates
Altice's commitment to proactively manage its liabilities,
including maintaining or improving its maturity schedule. We are
delighted to see the capital market again recognises the strength
of our strategy, long-term investment plan and cash flow generation
by offering very attractive terms for another significant
refinancing transaction.
Contacts
Head of Investor
Relations
Nick Brown: +41 79 720 15 03 /
nick.brown@altice.net
Head of
Communications
Arthur Dreyfuss: +41 79 946 49
31 / arthur.dreyfuss@altice.net
About
Altice
Founded by telecom entrepreneur,
Patrick Drahi, Altice is a multinational cable, fiber,
telecommunications, contents and media company with presence in
four regions -- Western Europe (comprising France, Belgium,
Luxembourg, Portugal and Switzerland), the United States, Israel,
and the Overseas Territories (currently comprising the French
Caribbean, the Indian Ocean regions and the Dominican Republic).
Altice provides very high speed based services (high quality pay
television, fast broadband Internet and fixed line telephony) and,
in certain countries, mobile telephony services to residential and
corporate customers. Altice is also active in the media space with
a portfolio of channels (News, Sports, Lifestyle...) as well as
providing Premium content on nonlinear platforms; it also produces
its own original content (Series, Movies.).
Altice (ATC
& ATCB) is listed on NYSE Euronext Amsterdam.
Press Release (PDF)
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Altice NV via Globenewswire
HUG#2004631
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