Altice NV: Successful refinancing of a portion of existing debt of Altice's Optimum and Suddenlink credit pools, pricing $4.2...
March 15 2017 - 5:04PM
Altice announces successful
refinancing of a portion of the existing debt of its Optimum and
Suddenlink credit pools, pricing $4.265 billion of Senior Secured
Term Loans, redeeming $950 million of outstanding Notes
March 15, 2017 - Altice N.V.
(Euronext: ATC, ATCB) announces that CSC Holdings, LLC
(''Optimum'') has successfully priced $3.0 billion of 8.25-year
Senior Secured Term Loans with institutional investors. Closing of
the new financing is subject to closing conditions and the proceeds
will be used by Optimum to refinance the entire $2.5 billion
principal amount of loans under Optimum's existing Term Loan
Facility that matures in October 2024 and redeem $500 million of
the 8.625% Senior Notes due September 2017 issued by Cablevision
Systems Corporation ("Optimum Senior Notes").
In addition, Altice US Finance I Corporation
("Suddenlink"), the financing subsidiary of Cequel Communications,
LLC has successfully priced $1.265 billion of 8.25-year Senior
Secured Term Loans with institutional investors. Closing of the new
financing is subject to closing conditions and the proceeds will be
used by Suddenlink to refinance the entire $815 million principal
amount of loans under Suddenlink's existing Term Loan Facility that
matures in January 2025 and redeem $450 million of the 6.375%
Senior Notes due September 2020 issued by Cequel Communications
Holdings I, LLC and Cequel Capital Corporation ("Suddenlink Senior
Notes").
Following the consummation of the refinancing, the
average maturity of Optimum's capital structure has been extended
from 6.1 to 6.5 years and the weighted average cost of Optimum's
debt will decrease from 7.3% to 7.0%. The average maturity of
Suddenlink's capital structure has been extended from 6.6 to 6.9
years and the weighted average cost of Suddenlink's debt will
decrease from 5.6% to 5.3%. This refinancing activity again
strengthens Altice's liquidity profile and reduces total annual
interest costs by $66 million1. The average
maturity of Altice Group is now 6.7 years and the weighted average
cost of debt will decrease to 6.1% (from 6.2% previously).
The new Senior Secured Term Loans will have a
margin of 225bps over Libor, and be issued at an OID of 99.50. This
represents a significant reduction to the existing Term Loan
margins of 300bps over Libor and compared to the coupons of 8.625%
on the Optimum Senior Notes and 6.375% on the Suddenlink Senior
Notes.
Dennis Okhuijsen, CFO of Altice
Group, said: "Following over 21 billion euros
of refinancing activity in 2016, this first refinancing transaction
of 2017 totaling $4.3 billion dollars again demonstrates Altice's
commitment to proactively manage its liabilities across every
credit pool, improving its maturity schedule as well as reducing
interest costs. Our Altice USA management team is operating
extremely well and we are very pleased to have the continued
support from the capital markets to further invest and grow this
business."
For additional information, please refer to the
Current Report section of the Altice USA website at
http://alticeusa.com/investor-information/
Contacts
Chief Investor Relations Officer,
Altice
Nick Brown: +41 79 720 15 03 / nick.brown@altice.net
Chief Communications Officer,
Altice
Arthur Dreyfuss: +41 79 946 49 31 / arthur.dreyfuss@altice.net
Head of Communications, Altice
USA
Lisa Anselmo: +1 516 279 9461 /
lisa.anselmo@alticeusa.com
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, 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 (ATC & ATCB) is listed
on NYSE Amsterdam.
For more information, visit www.altice.net
About Altice
USA
Altice USA, a subsidiary of Altice
Group (Euronext: ATC, ATCB), is the fourth largest cable operator
in the United States, delivering residential and business services
to 4.8 million customers across 20 states. Providing high-quality
products that keep customers connected, Altice USA (through its
Optimum, Lightpath and Suddenlink brands) offers digital cable
television, high-speed 3 Internet, voice, WiFi and advertising
services. To meet our customers' content and information needs, the
company through News 12 also offers hyper-local news and
programming created specifically for the communities we serve. For
more information, visit www.alticeusa.com
[1] Excluding
related refinancing costs and one-off refinancing expenses.
Altice Optimum and Suddenlink
Refinancing 150317
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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