Commentary & Deal Flow

Altice France SA (SFRFP) US$3bn equivalent (US$/EUR) 144A/Reg S sr sec notes 2-part. Existing B2/B. List ISE. NY law. Via GS (lead left EUR)/JPM (lead left US$)/Barc/BNPP/CA/CS/DB/ING/MS/Natixis/RBC/SocGen jt books. No reg rights.

    - EUR TBA (minimum EUR350m) due 2029 (8y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Via GS lead left. IPT: 4.00% area. Px talk: 4% area.

   - US$ TBA (minimum US$2.25bn) due 2029 (8y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. Via JPM lead left. IPT: 5.00%-5.25%. Px talk: 5.00%-5.25%

Did investor call at 3:30pm UKT/10:30am NYT today. US books closed at 5pm NYT yesterday (US-based accounts can submit to the EUR book priot to 9am NYT today). Books close for European accounts at 12pm UKT today. Pricing today UK aftenoon, NY morning. UOP: partial repayment ($2.367bn) of Altice France $5.19bn 7.375% US$ sr sec notes due 05/01/26 (callable 05/01/21 at 103.688). Biz: leading cable, telecom, and entertainment company.