French cable operator Numericable has launched a €6.04bn high yield senior note offering, in euros or US dollars, to finance part of its SFR acquisition.
A week ago, Numericable and its parent Altice agreed to take over the mobile operator for…
French cable operator Numericable has launched a €6.04bn high yield senior note offering, in euros or US dollars, to finance part of its SFR acquisition.
A week ago, Numericable and its parent Altice agreed to take over the mobile operator for €13.5bn in cash.
The financing includes an €11.64bn debt package at the operating companies’ level and a €4.7bn capital increase at Numericable.
The debt package is split between a €5.6bn term loan, launched last week, and the €6.04bn bond.
Numericable has also launched a €750m revolving credit facility.
Global coordinators and joint bookrunners for the loans are Deutsche Bank, Goldman Sachs and JP Morgan. Barclays, BNP Paribas, Credit Agricole, Credit Suisse, ING and Morgan Stanley are additional joint bookrunners.
Separately, Altice is looking to launch a €4.15bn note offering and a €570m capital increase to subscribe to shares in Numericable’s planned rights issue.
Altice will subscribe pro rata (74.6%) to the rights issue, spending €3.53bn. The remaining proceeds will go towards refinancing some of its existing margins loans (€330m), buying an additional stake in Numericable from PE investors Carlyle and Cinven (€530m), for an interest overfund (€250m), and transaction costs (€80m).
Altice may also launch a €200m RCF.
