Altice Europe announces successful refinancing

  •   
  •   
  •   

Altice Europe has successfully priced and allocated €2.8 billion of new 8-year Senior Notes at Altice Luxembourg following a well oversubscribed offering.

The weighted average cost of the new Senior Notes on a fully euro swapped basis will be 7.9 per cent.

The proceeds from this transaction, together with €500 million cash from Altice France and swap monetisation proceeds of €435 million will be used by Altice Luxembourg to partially repay its existing $2,900 million and €2,075 million 2022 Notes. As a result, there will be approximately €1 billion equivalent remaining outstanding of the 2022 Notes.

Furthermore, Altice Europe will use €1 billion of cash on balance sheet at Altice France to partially redeem its existing €1,250 million and $1,375 million 2024 Altice France Notes on a pro rata basis.

Malo Corbin, chief financial officer of Altice Europe, said: “This refinancing transaction demonstrates Altice Europe’s commitment to proactively managing its liabilities across its capital structure, significantly improving its maturity schedule, reducing its gross leverage and moving closer to its leverage target while reducing its annual cash cost. We continue to receive strong support from the debt capital markets to execute on our strategy and achieve our revenue and cash flow growth targets for 2019”.


  •   
  •   
  •   

You must be logged in to post a comment Login