04/13/2021 Altice France SA (SFRFP) approx US$2.977bn equivalent (US$/EUR) 144A/Reg S sr sec notes 2-part. B2/B (negative/negative). List ISE. NY law. Via GS (lead left EUR)/JPM (lead left US$)/Barc/Bank of Ireland/BNPP/CA/CS/DB/ING/MS/Natixis/RBC/SocGen jt books. No reg rights. Interest pays April 15 and Oct 15, starting 10/15/21. Settles 04/27 (T+10).
- EUR400m (from minimum EUR350m) due 07/15/29 (8.25y). NC3 (04/15/24) (MWC B+50bp), then at 102.00, 101.00, 100. Equity claw: 3y 40% at 104.00. Via GS lead left. Reg S ISIN: SX2332975007. IPT: 4.00% area. Px talk: 4% area. Final terms: EUR400m at 4%. Priced: 4% at 100. +441bp vs DBR 0.00% 08/15/29.
- US$2.5bn (from minimum US$2.25bn) due 07/15/29 (8.25y). NC3 (04/15/24) (MWC T+50bp), then at 102.563, 101.281, 100. Equity claw: 3y 40% at 105.125. Via JPM lead left. 144A CUSIP: 02156LAF8. IPT: 5.00%-5.25%. Px talk: 5.00%-5.25%. Final terms: US$2.5bn at 5.125%. Priced: 5.125% at 100. +366bp vs 2.375% 05/15/29.
Did investor call at 3:30pm UKT/10:30am NYT 04/12. US books closed at 5pm NYT 04/12 (US-based accounts could submit to the EUR book prior to 9am NYT 04/13). Books closed for European accounts at 12pm UKT 04/13. UOP: along with EUR12bn cash on hand, to partially repay ($2.882bn) of Altice France's $5.19bn 7.375% US$ sr sec notes due 05/01/26 (callable 05/01/21 at 103.688). Biz: leading cable, telecom, and entertainment company.