Altice: launches 4 billion euro loan to refinance debt.
(CercleFinance.com) - European telecommunications group Altice has raised a 4 billion euros loan to refinance existing debt, the company said on Monday.
For its unit SFR the group has priced 2.9 billion euros of new 8.25-year loans, the proceeds of which will be used to refinance 2025 loans, as well as repay 600 million euros of commercial paper, it said.
In addition, Altice has priced 1.1 billion euros of new 8.25-year loans, the proceeds of which will be used to refinance senior secured notes due in 2022.
Altice has also priced 675 million euros of senior unsecured notes with a coupon of 4.75%, which is currently the lowest coupon in the group.
After all these operations, the average maturity of debt will be extended by about three years, Altice said, generating total annual interest cost savings of 36 million euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
For its unit SFR the group has priced 2.9 billion euros of new 8.25-year loans, the proceeds of which will be used to refinance 2025 loans, as well as repay 600 million euros of commercial paper, it said.
In addition, Altice has priced 1.1 billion euros of new 8.25-year loans, the proceeds of which will be used to refinance senior secured notes due in 2022.
Altice has also priced 675 million euros of senior unsecured notes with a coupon of 4.75%, which is currently the lowest coupon in the group.
After all these operations, the average maturity of debt will be extended by about three years, Altice said, generating total annual interest cost savings of 36 million euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.