French cableco Numericable and parent Altice have together priced a seven-tranche €12bn (US$16.6bn) high-yield bond package to fund the €13.5bn all-cash takeover of mobile operator SFR from Vivendi.
The notes attracted more than US$100bn in orders,…
French cableco Numericable and parent Altice have together priced a seven-tranche €12bn (US$16.6bn) high-yield bond package to fund the €13.5bn all-cash takeover of mobile operator SFR from Vivendi.
The notes attracted more than US$100bn in orders, primarily from European investors, and offered buyers coupons of between 4.875% and 7.75% on paper denominated in both euros and US dollars.
Numericable issued five tranches of senior secured notes: US$2.4bn (€1.75bn) of 4.875% notes due 2019; €1bn (US$1.38bn) of 5.375% notes due 2022; US$4bn (€2.89bn) of 6% notes due 2022; €1.25bn (US$1.73bn) of 5.625% notes due 2024; and US$1.375bn (€990m) of 6.25% notes due 2024.
Altice offered two tranches of senior notes: €2.075bn (US$2.87bn) of 7.25% notes due 2022 and US$2.9bn (€2.01bn) of 7.75% notes due 2022.
JP Morgan, Deutsche Bank, and Goldman Sachs were global coordinators on the Numericable notes, with JP Morgan leading. Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Morgan Stanley and ING were joint bookrunners. Meanwhile Mediobanca, Natixis, Societe Generale and Unicredit acted as joint bookrunners on the euro notes.
Goldman Sachs, Deutsche Bank, and JP Morgan were global coordinators for both Altice tranches, with Goldman leading. Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Morgan Stanley and ING were joint bookrunners. Natixis and Societe Generale acted as joint bookrunners on the euro tranches.
Numericable is also entering into a €3.78bn (US$5.22bn) loan credit facility to help finance the SFR deal. Deutsche Bank led the execution of Numericable’s loan and was a global coordinator alongside Goldman Sachs and JP Morgan. Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Morgan Stanley and ING were joint bookrunners.
Altice will own 60% of the merged Numericable/SFR entity, which the companies said would have €11.64bn in debt. Altice CEO Dexter Goei has previously said that he expects the deal to close in Q4 at the latest.
