Debt backing Altice France was mixed this afternoon, with its shorter-dated debt climbing and its longer-dated notes falling after Bloomberg reported that the company is holding talks with funds, including Apollo about raising new debt to refinance upcoming maturities.
The company’s shorter-dated 10.5% exchange-related notes due 2027 moved into the mid-30s from the low-30s prior, while its B-11 term loan climbed to a 93.50-95.5 market, up from 91.5-94.5 yesterday, according to sources and trade data.
The report noted that a new issue would likely impact recovery efforts for creditors of longer-dated debt, with any new debt potentially being backed by assets in unrestricted subsidiaries, out of reach to existing creditors.
Altice France’s longer-dated 5.125% first-lien notes due 2029 were the most heavily traded this afternoon, changing hands at 70, down from the low-70s prior, while its B-14 term loan fell to a 73-75 market, versus 76-77 yesterday.
The news today comes after debt holders refused to take a 20% haircut in July and last week’s news that Altice France secured creditors sent the company a proposal on how to address its $27.2bn equivalent of debt, LFI previously reported. The proposal increased the likelihood of Patrick Drahi losing control of the business.
Most of the creditors in Altice France’s largest creditor group are expected to sign up to an extension of their co-op agreement until February 2026, despite those outside the steering committee having little clarity on what is being negotiated on their behalf, LFI reported yesterday.
Peter Agra
peter.agra@levfininsights.com
+1 862 218 9861
