Registration: 144A/Reg S; Comments: 09/15/2020 Altice France SA (SFRP) approx EUR870m equivalent (down from EUR900m equivalent) (EUR/USD) 144A/Reg S sr sec notes 2-part. B2/B (negative/negative). Via BNPP(lead left EUR)/GS (lead left US$)/JPM joint books. No reg rights. NY law. List ISE. Settles 09/18 (T+3).
- EUR500m due Jan 15, 2029 (8.3y). NC3 (09/15/23) (MWC B+50bp), then at 102.063, 101.031, 100. Equity claw: 3y 40% at 104.125. Reg S ISIN: XS2232102876. IPT low 4s. Price talk: 4.25% area. Final terms: EUR500m 4.125% at 100. Priced: 4.125% at 100. +474bp vs DBR 0.25% 08/5/28.;
Registration: 144A/Reg S; Comments: 09/15/2020 Altice France SA (SFRP) approx EUR870m equivalent (down from EUR900m equivalent) (EUR/USD) 144A/Reg S sr sec notes 2-part. B2/B (negative/negative). Via BNPP(lead left EUR)/GS (lead left US$)/JPM joint books. No reg rights. NY law. List ISE. Settles 09/18 (T+3).
- US$475m due Jan 15, 2029 (8.3y). NC3 (09/15/23) (MWC T+50bp), then at 102.563, 101.281, 100. Equity claw: 3y 40% at 105.125. IPT low 5s. 144A CUSIP: 02156LAE1. Price talk: 5.25% area. Final terms: $475m 5.125% at 100. Priced: 5.125% at 100. +456bp vs UST 2.625% 02/15/29.;
Deal Comments
09/15/2020 Altice France SA (SFRP) approx EUR870m equivalent (down from EUR900m equivalent) (EUR/USD) 144A/Reg S sr sec notes 2-part. B2/B (negative/negative). Via BNPP(lead left EUR)/GS (lead left US$)/JPM joint books. No reg rights. NY law. List ISE. Settles 09/18 (T+3).
- EUR500m due Jan 15, 2029 (8.3y). NC3 (09/15/23) (MWC B+50bp), then at 102.063, 101.031, 100. Equity claw: 3y 40% at 104.125. Reg S ISIN: XS2232102876. IPT low 4s. Price talk: 4.25% area. Final terms: EUR500m 4.125% at 100. Priced: 4.125% at 100. +474bp vs DBR 0.25% 08/5/28.
- US$475m due Jan 15, 2029 (8.3y). NC3 (09/15/23) (MWC T+50bp), then at 102.563, 101.281, 100. Equity claw: 3y 40% at 105.125. IPT low 5s. 144A CUSIP: 02156LAE1. Price talk: 5.25% area. Final terms: $475m 5.125% at 100. Priced: 5.125% at 100. +456bp vs UST 2.625% 02/15/29.
Did investor call at 3pm UKT/10am NYT 09/4. Books for European investors closed at 1pm UKT 09/15; US investors closed at 9:30am NYT 09/15. Orders were to be reconfirmed by 3:45pm UKT/10:45am NYT 09/15. UOP: repay Altice corporate financing facility and Altice France revolver. Biz: leading cable, telecom, and entertainment company.