Commentary & Deal Flow

Altice France SA (SFRP) approx EUR870m equivalent (down from EUR900m equivalent) (EUR/USD) 144A/Reg S sr sec notes 2-part. B2/(existing B) (negative/--). Via BNPP(lead left EUR)/GS (lead left US$)/JPM joint books.

- EUR500m due Jan 15, 2029 (8.3y). NC3 (50%, 25%, par). Equity claw: 3y 40%. IPT low 4s. Price talk: 4.25% area. Final terms: EUR500m 4.125% at 100.

- US$475m due Jan 15, 2029 (8.3y). NC3 (50%, 25%, par). Equity claw: 3y 40%. IPT low 5s. Price talk: 5.25% area. Final terms: $475m 5.125% at 100.

Did investor call at 3pm UKT/10am NYT 09/4. Books for European investors closed at 1pm UKT 09/15; US investors closed at 9:30am NYT 09/15. Reconfirm orders by 3:45pm UKT/10:45am NYT today. Pricing today. UOP: repay Altice corporate financing facility and Altice France revolver. Biz: leading cable, telecom, and entertainment company.