Commentary & Deal Flow

Altice France SA (SFRP) EUR900m equivalent (EUR/USD) 144A/Reg S sr sec notes 2-part. Existing B2/B. Via BNPP(lead left EUR)/GS lead left US$)/JPM joint books.

    - EUR TBD due 2028 (8y). NC3 (50%, 25%, par). Equity claw: 3y 40%. IPT low 4s. Px 4.25% area.

    - US$ TBD due 2028 (8y). NC3 (50%, 25%, par). Equity claw: 3y 40%. IPT low 5s. Px talk: 5.25% area.

Did investor call at 3pm UKT/10am NYT today. Books for European investors close at 1pm UKT today; US investors close at 9:30am NYT today. Pricing today. UOP: repay Altice corporate financing facility and Altice France revolver. Biz: leading cable, telecom, and entertainment company.