Commentary & Deal Flow

+++Updates timing: pricing at 10am NYT / 3pm UKT+++

Altice France SA (SFRFP) approx 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 rights. NY law. List ISE.

    - EUR800m due 2029 (8y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. IPT: 4.375%. Px talk: 4.25% area (+/- 0.125%). Launched: EUR800m at 4.25%.

    - US$2bn due 2029 (8y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. IPT: 5.625%. Px talk: 5.50% area. Launched: US$2bn at 5.50%.

Did investor call at 3:30pm UKT / 10:30am NYT yesterday. Books for the US$ tranche closed at 5pm yesterday. EUR  books closed at 12:30pm UKT today. Pricing today at 10am NYT / 3pm UKT. 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.