Commentary & Deal Flow

Altice Financing SA (ALTICE) $2.750m equivalent (US$/EUR) 144A/Reg S sr sec notes 2-part. Expect B2/B. Via BNP (B&D EUR)/GS (B&D US$)/Barc/CA/CS/DB/IMI/ING/JPM/MS/RBC/SG jt books. No reg rights. List ISE. NY law. Settles 08/12 (T+7).

    - EUR700m (from minimum EUR600m) due 08/15/29 (8y). NC3 (MWC B+50bp), then at 102.125, 101.063, 100 Equity claw: 3y 40% at 104.25. Reg S ISIN: XS2373430425. IPT: mid 4s. Px talk: 4.375% area. Priced: 4.25% at 100. +488bp vs DBR 0% 08/15/29.

    - US$1.925m (from minimum $1.9bn) due 08/15/29 (8y). NC3 (MWC T+50bp), then at 102.875, 101.438, 100. Equity claw: 3y 40% at 105.75. 144A CUSIP: 02154CAH6. IPT: high 5s. Px talk: 5.75% area. Priced: 5.75% at 100. +472bp vs 1.625% 08/15/29.

    Did investor call at 3:30pm UKT/10:30am NYT yesterday. Books closed 3:30pm UKT/10:30am NYT today.  UOP: refinance the $2.471m 7.50% sr sec notes due 08/15/26 (callable at 103.75), GCP. a multinational broadband and mobile communications, content and media group operating in Portugal, Israel and the Dominican Republic. HQ: Luxembourg.