Commentary & Deal Flow

Altice France/YPSO EUR2.1b equivalent (EUR/US$) 144A/Reg S 3-part. Via DB (Altice France EUR)/BNP (YPSO EUR)/GS (YPSO US$) physical books, Barc/CA/CS/Citi/ING/JPM/RBC/SG joint books. No reg rights. NY Law. List ISE.

   - Altice France SA EUR500m sr sec notes due 2025 (5y). NC2 (par + 50% of coupon, 25%, par). Expect B2/B. 100x1. DB physcal books. Px talk: TBA tomorrow UK morning.

   - YPSO Finance BIS SA EUR1.6bn equivalent (EUR/USD). Tranche split TBD:

    - EUR TBA (EUR500m minimum) sr notes due 2028 (8y). NC3 (par + 50% of coupon, 25%, par). Expect Caa1/CCC+. 100x1. BNP physical books. Px talk: TBA tomorrow UK morning.

   - USD TBA (USD 500m minimum) sr notes due 2028 (8y). NC3 (par + 50% of coupon, 25%, par). Expect Caa1/CCC+. 200x1. GS physcal books. IPT 6.50% area. Px talk: 6.25% area.

Did investor call today at 3pm UKT/10am NYT. Books for US investors close at 9am NYT tomorrow (Jan 23). Pricing tomorrow. UOP: refinance Altice Lux 2025 EUR and USD notes, and pay down revolver. Biz: French telecommunications operator. HQ: Luxembourg.