Telecoms investor Altice is offering €250m (US$333m) in senior notes and has secured €920m (US$1.2bn) in various loans.
The firm said it plans to use part of the proceeds from the notes and the loans to fund the purchase of a majority ownership…
Telecoms investor Altice is offering €250m (US$333m) in senior notes and has secured €920m (US$1.2bn) in various loans.
The firm said it plans to use part of the proceeds from the notes and the loans to fund the purchase of a majority ownership stake in Groupe Outremer Telecom, which operates in the French Overseas Territories.
Goldman Sachs, Morgan Stanley, Credit Suisse, Deutsche Bank and Credit Agricole worked with Altice to raise the debt.
The €920m in loans consists of a €795m senior secured delayed-draw term loan facility, a €75m guarantee facility and a €50m super senior revolving credit facility. The financing was raised via its subsidiary Altice Finco.
Aside from funding the potential Outremer purchase, Altice will also use some of the proceeds to repay or redeem certain indebtedness, and fund other acquisitions including buying out the minority partner in cableco Numericable (Belgium).
The Luxembourg-based private equity fund, founded by French businessman Patrick Drahi, has investments in telcos across Europe. Earlier this month it agreed to add Portuguese telco Oni to its portfolio, subject to regulatory approval.
