09/24/2021 Altice France SA (SFRFP) approx US$3bn equivalent (EUR/US$) 144A/Reg S sr sec notes 2-part. B2/B (negative/negative). Via MS (left/B&D on EUR)/JPM (left/B&D on US$)/Barc/Bank of Ireland/BofA/BNP/CA/CS/DB/GS/ING/Natixis/RBC/SocGen jt books. No reg rights. NY law. List ISE. Settles 10/06 (T+8).
- EUR800m due 10/15/29 (8y). NC3 (MWC B+50bp), then at 102.125, 101.063, 100. Equity claw: 3y 40% at 104.25. Reg S ISIN: XS2390152986. IPT: 4.375%. Px talk: 4.25% area (+/- 0.125%). Launched: EUR800m at 4.25%. Priced: 4.25% at 100. +464bp vs DBR 0% 08/15/29.
- US$2bn due 10/15/29 (8y). NC3 (MWC T+50bp), then at 102.75, 101.375, 100. Equity claw: 3y 40% at 105.50. 144A CUSIP: 02156LAH4. IPT: 5.625%. Px talk: 5.50% area. Launched: US$2bn at 5.50%. Priced: 5.50% at 100. +421bp vs 1.625% 08/15/29.
Did investor call at 3:30pm UKT / 10:30am NYT 09/23. Books for the US$ tranche closed at 5pm 09/23. EUR books closed at 12:30pm UKT 09/24. UOP: along with EUR59m cash on hand, to repay its $2.308bn 7.375% US$ sr sec notes due 05/01/26 (callable at 103.588), and EUR515m to finance recent acquisitions (EUR298m upfront and EUR117m deferred consideration for the Coriolis acquisition; EUR50m upfront and EUR45m deferred consideration for the Afone acquisition, and EUR 5m Prixtel). Principal shareholder: Next Private (Patrick Drahi). Biz: leading cable, telecom, and entertainment company. HQ: Paris, France.