French cableco Numericable has drawn €2.75bn (US$3.8bn) from the new senior secured credit facilities to refinance historical debt.
The facilities were agreed recently in the context of the acquisition of mobile operator SFR.
Earlier this month,…
French cableco Numericable has drawn €2.75bn (US$3.8bn) from the new senior secured credit facilities to refinance historical debt.
The facilities were agreed recently in the context of the acquisition of mobile operator SFR.
Earlier this month, Numericable and parent Altice together inked a €12bn high-yield bond package denominated in euros and US dollars.
Numericable issued €7.9bn of senior secured notes, the largest junk bond offering ever, while Altice offered a €4.1bn bond. The cableco also entered into a €3.78bn loan credit facility.
Numericable said the €2.75bn drawn will refinance senior credit facilities put in place in June 2006 and senior secured notes issued in February and October 2012.
The company also noted it has access to a €300m credit revolving facility, which will be increased to €750m once it closes the €13.5bn SFR deal.
Numericable has deposited the €7.9bn notes and the €1bn left over from the loan credit facility in escrow accounts pending completion of the M&A deal.
Deutsche Bank, Goldman Sachs and JP Morgan acted as global coordinators on the financing. They were also joint bookrunners alongside Barclays, BNP Paribas, Credit Agricole, Credit Suisse, ING and Morgan Stanley.
