Related Issuers
by Stephen Carter
Sep 24, 2021 5:43 AM ET
Altice France SA (SFRFP) US$3bn equivalent (EUR/US$) 144A/Reg S sr sec notes 2-part. Existing B2/B. Via MS (left/B&D on EUR)/JPM (left/B&D on US$)/Barc/BofA/BNP/CA/CS/DB/GS/ING/Natixis/RBC/SocGen jt books. No reg right.s NY law. List ISE. Tranche split TBD.
- EUR TBA due 2029 (8y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. IPT: 4.375%. Px talk: 4.25% area (+/- 0.125%).
- US$ TBA due 2029 (8y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. IPT: 5.625%. Px talk: 5.50% area.
Did investor call at 3:30pm UKT / 10:30am NYT yesterday. Books for the US$ tranche closed at 5pm yesterday. EUR books close at 12:30pm UKT today. Pricing today. UOP: 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.