Altice NV: Altice announces successful refinancing of a portion of the existing debt of its SFR and Altice International cred...
March 23 2017 - 2:15AM
Altice announces successful
refinancing of a portion of the existing debt of its SFR and Altice
International credit pools, pricing €2.492 billion and €863 million of new Term Loans
respectively
March 23, 2017 - Altice N.V.
(Euronext: ATC, ATCB) announces that it has successfully priced for
its SFR Group SA (Euronext: SFR) ("SFR" or "Altice France") credit
pool 2.492 billion euro-equivalent2 of new
8.25-year Term Loan B's. Closing of the new financing is subject to
closing conditions and the proceeds will be used by SFR to
refinance its €850 million April 2023, €297 million July 2023 and
$1,418 million January 2024 Term Loan B's.
In addition, Altice Financing S.A., a subsidiary
of Altice International S.a.R.L. ("Altice International") has
successfully priced 863 million euro-equivalent2 of new
8.25-year Term Loan B's. Closing of the new financing is subject to
closing conditions and the proceeds will be used by Altice
International to refinance its €446 million July 2023 Term Loan B
and $425 million 9.875% Senior Unsecured Notes due December
2020.
Following the consummation of the refinancing, the
average maturity of SFR's capital structure has been extended from
7.3 to 7.6 years and the weighted average cost of SFR's debt will
decrease from 5.2% to 4.9%. The average maturity of Altice
International's capital structure has been extended from 6.7 to 7.0
years and the weighted average cost of Altice International's debt
will decrease from 6.2% to 5.9%. This refinancing activity again
strengthens Altice's liquidity profile and reduces total annual
interest costs by €60 million1. The average
maturity of Altice Group is now 6.8 years and the weighted average
cost of debt will decrease to 6.0% (from 6.1% previously).
The 2.492 billion euro-equivalent of new SFR Term
Loan B's comprise one dollar loan of $1.420 billion at a margin of
275bps over Libor (issued at an OID of 99.75) and one euro loan of
€1.145 billion at a margin of 300bps over Euribor (issued at an OID
of 100). For Altice International, the 863 million euro-equivalent
new Term Loan B was issued as a dollar loan of $910 million at a
margin of 275bps over Libor (issued at an OID of 99.75).
Dennis Okhuijsen, CFO of Altice
Group, said: "With this latest refinancing
transaction totaling €3.4 billion, Altice Group has now refinanced
about 30 billion euros of its debt in the past year. This major
refinancing activity clearly demonstrates Altice's commitment to
proactively manage its liabilities across every credit pool,
significantly improving its maturity schedule as well as reducing
interest costs."
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
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
[1] Excluding
related refinancing costs and one-off refinancing
expenses.
2 Euro
equivalent amount at Dec-31 FX rates
SFR AI refinancing 230317
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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