Altice announces successful refinancing of existing debt of its Suddenlink credit pool, pricing $1.5 billion of Senior Secure...
April 20 2016 - 1:00AM
April 20,
2016 - Altice N.V. (Euronext: ATC & ATCB) announces that
Altice US Finance I Corporation, the financing subsidiary of
Altice's newly acquired U.S. operating subsidiary Cequel
Communications Holdings II, LLC (''Suddenlink'') has successfully
priced $1.5 billion of 10-year Senior Secured Notes (Non-Call 5) in
a Rule 144A / Regulation S offering to institutional investors. All
of the proceeds will be used by Suddenlink to refinance the entire
$1,481 million aggregate principal amount of loans under
Suddenlink's existing Term Loan Facility that matures in February
2019.
On this basis, the average
maturity of the Suddenlink capital structure has been materially
extended from 5.7 years to 7.3 years, strengthening Altice's
liquidity profile. The weighted average cost of Suddenlink debt
will increase marginally from 5.3% to 5.5%.
The USD coupon of the new Senior
Secured Notes will be 5.5%.
Dennis Okhuijsen,
CFO of Altice Group: Following the recent successful $7.8
billion refinancing of SFR's debt and $2.75 billion of Altice
International's debt, this transaction again demonstrates Altice's
commitment to proactively manage its liabilities, including
maintaining or improving its maturity schedule. We are particularly
pleased the capital market is supporting both our US and European
strategies and remain very exicited about all of our opportunities
to invest and grow in these markets.
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
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