Telecoms and cable group Altice Europe has refinanced and extended the maturity for part of its debt, as part of a restructuring plan aimed at improving its fortunes after concerns over debts and its SFR arm hit its shares last year.
Economic Times of India reported that the company, which has separated its Altice Europe arm from its United States division, said it had priced and allocated for its Altice France SA unit a $2.5bn credit pool of new 8-year Term Loans B’s.
These new Term Loan B will bear interest at a margin of 400 basis points over LIBOR rates (London Interbank Offered Rate).
The average maturity of Altice France’s capital structure has also been extended from 6.4 to 6.8 years, said Altice.
“This refinancing transaction demonstrates again Altice’s commitment to proactively manage its liabilities across its capital structure, significantly improving its maturity schedule,” said Altice Europe chief executive Dennis Okhuijsen.
In May, Altice Europe’s French unit SFR reported that it had added broadband customers for the first time since Altice founder and majority owner Patrick Drahi bought it in 2014.
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