Altice NV: Altice announces successful refinancing of existing debt of its SFR credit pool, pricing €2.3bn equivalent of te...
October 17 2016 - 1:01AM
Altice announces
successful refinancing of existing debt of its SFR credit pool,
pricing €2.3bn equivalent of term loans
Amsterdam,
October 17, 2016 - Altice NV (Euronext: ATCA, ATCB) announces
that it has successfully priced for its SFR Group SA (Euronext:
SFR) ("SFR" or "Altice France") credit pool: (i) a $1,790 million
Term Loan, and; (ii) a €700 million Term Loan (together the "Term
Loans") with institutional investors. The leverage-neutral
transaction is in line with Altice's recent liability management
efforts to optimize its capital structure. This latest refinancing
at SFR brings the total amount of debt refinanced across the Altice
Group in 2016 to just over EUR 20 billion equivalent (including
extensions of RCF commitments).
The Term Loans have a January 2025
maturity. The $1,790 million Term Loan is priced at 3.25% over
LIBOR with a 0.75% LIBOR floor and an OID of 99.75. The €700
million Term Loan is priced at 3.00% over EURIBOR with a 0.75%
EURIBOR floor and is priced at par.
The proceeds will be used to repay
the entire amount of the: (i) $550 million term loan due June 2022
(priced at L+381bps); (ii) the $1,340 million and €500 million term
loans due January 2023 (priced at L+400bps and E+400bps
respectively), and; (iii) €100 million of the aggregate principal
amount outstanding under the RCF. Therefore, this refinancing
represents a significant reduction to the margins on the term loans
being repaid.
The transaction will improve SFR's
debt maturity profile (from 7.3 to 7.6 years, pro forma as of
September 2016) and reduce the weighted average cost of debt (from
5.3% to 5.2%).
Dennis Okhuijsen,
CFO of Altice NV, said: "This transaction again demonstrates
Altice's commitment to proactively manage its liabilities across
every credit pool, including improving our maturity profile as well
as reducing interest costs. During 2016, Altice Group has now
refinanced just over EUR 20 billion equivalent of its debt year to
date, extending the weighted average life of the Group's
debt by 18 months while keeping the average cost
of debt constant. We are very pleased by the continued strong
demand for debt across debt silos, loan and bond markets, and
across different geographies, as it shows evidence of broad support
by markets of Altice's strategy."
Contacts
Chief Investor
Relations Officer
Nick Brown: +41 79 720 15 03 / nick.brown@altice.net
Chief
Communications Officer
Arthur Dreyfuss: +41 79 946 49 31 / arthur.dreyfuss@altice.net
OVERVIEW OF
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 etc.) as well as
providing Premium content on nonlinear platforms; it also produces
its own original content (Series, Movies etc.).
Altice (ATCA
& ATCB) is listed on NYSE Euronext Amsterdam.
OVERVIEW OF SFR
GROUP
SFR Group is the second largest
telecoms operator in France with a turnover of 11 billion euros in
2015 and prime positions in all market segments, from consumer, to
Business to Business (B2B), local authorities, and wholesale.
Featuring the first fiber optic network (FTTB/FTTH) with 8.5
million eligible connections, SFR Group intends to stay ahead with
its rollout plan to reach 22 million by 2022. Its leading mobile
network covers 99.3% of the population in 3G and 70% in 4G. With
regard to the Consumer segment, the Group operates under the SFR
and RED by SFR brands. In the B2B segment, it operates under the
SFR Business brand. SFR Group is also adopting a new and
increasingly integrated model around access and content
convergence. Its new SFR Media entity consists of SFR Presse, which
gathers all the group's media activities in France (Groupe
L'Express, Liberation etc.), SFR RadioTV, which includes the
group's audiovisual activities in France (BFM TV, BFM Business, BFM
Paris, RMC, RMC Découverte), and SFR Sport.
SFR (SFR) is
listed on NYSE Euronext Paris.
Altice announces successful SFR
refinancing
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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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