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Altice France Reaches Agreement With Creditors; Group to Cut Around €8.6B of Term Debt

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Relevant Document:
Press Release

Altice France said today that it has reached an agreement with a group of holders of its term loans and senior secured notes, eliminating around €8.6 billion of term debt and bringing consolidated net debt to €15.5 billion, while extending its maturity runway to 2028/2033.

Following the transaction, existing shareholders are to hold 55% of the group's common equity. Pro forma net leverage, inclusive of the sale of noncore assets, will be below 4x.

Under the terms of the deal, in exchange for their existing Altice France secured debt, creditors will receive the following consideration:

  • A cash payment of approximately €1.5 billion (or 7.6 cents per €1 equivalent of Altice France secured debt plus any additional amount due to below 100% early participation as outlined herein) as well as accrued interest through implementation of the transaction;
  • Additional premium paid in cash at closing of 2.5% of the principal amount of Altice France secured debt for creditors that sign onto the transaction prior to March 12, 2025 (or up to €0.5 billion assuming full participation);
  • Around 77 cents of new secured debt instruments issued by AF SA with a 2.75-year maturity extension versus existing Altice France secured debt tranches and an approximately 137.5 basis point increase in rate (implying approximately €14.8 billion of new secured debt; and
  • An aggregate equity stake of 31% in common equity.

Altice France Holding SA creditors will receive the following consideration:

  • A cash payment of approximately €0.1 billion (or 2.5 cents per €1 of AFH SA senior debt plus any additional amount due to below 100% early participation as outlined herein), as well as accrued interest through March 31, 2025;
  • Additional premium paid in cash at closing of 2.5% of the principal amount of AFH SA senior debt for creditors that sign onto the transaction prior to March 12, 2025, as further outlined below (or up to €0.1 billion assuming full participation);
  • 20 cents of new debt due January 2033 issued by a new intermediate holding company that will be the indirect owner of the company (the “New HoldCo Debt”) with the dollar-equivalent of a 9.125% euro coupon (implying approximately €0.9 billion of New HoldCo debt);
  • An aggregate equity stake of 14% in common equity; and
  • Contingent value rights issued by AFH SA.

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