Commentary & Deal Flow

Corrects total size: Altice France/YPSO EUR2.1bn 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. Settles Feb 06 (T+10).

   - Altice France SA EUR500m sr sec notes due 15-Feb-2025 (5y). NC2 (MWC B+50bp), then at 101.063, 100.521, 100. Equity claw: 2y 40% at 102.125. B2/B. 100x1. DB physcal books. Reg S ISIN XS2110799751. Px talk: 2.25%-2.50%. Launched: EUR500m 2.125% coupon at discount to yield 2.25%. Priced: 2.125% at 99.408, yield 2.25%. +279bp vs DBR 0.5% 15-Feb-2025.

   - YPSO Finance BIS SA EUR1.6bn equivalent (EUR/USD).

    - EUR500m (from EUR500m minimum) sr notes due 15-Feb-2028 (8y). NC3 (MWC B+50bp), then at 102.00, 101.00, 100. Equity claw: 3y 40% at 104.00. Caa1/CCC+.100x1. BNP physical books. Reg S ISIN:: XS2110827636. Px talk: 4.25% area. Launched: EUR500m at 4.00% (at par). Priced: 4.00% at 100. +443bp vs DBR 0.5% 15-Feb-2028.

   - USD1.225bn (from USD500m minimum) sr notes due 15-Feb-2028 (8y). NC3 (MWC T+50bp), then at 103.00, 101.50, 100. Equity claw: 3y 40% at 106.00. Expect Caa1/CCC+. 200x1. GS physical books. 144A CUSIP: 02156LAD3. IPT 6.50% area. Px talk: 6.25% area. Launched: USD1.225bn at 6.00% (at par). Priced: 6.00% 100. +432bp vs UST 2.75% 15-Feb-2028.

Did investor call yesterday at 3pm UKT/10am NYT. European books closed at 12pm UKT today, US books closed at 2pm UKT / 9am NYT today. Orders were to be reconfirmed by 9:30am NYT / 2:30pm UKT today. UOP: refinance Altice Lux 2025 EUR and USD notes (EUR1.607bn), and pay down revolver (ERU500m), fees and expenses (EUR72m). Biz: French telecommunications operator. HQ: Luxembourg.