Numericable announces 6.55bn-equivalent loan backing SFR deal

Wed Apr 9, 2014 4:08am EDT

LONDON, April 9 (IFR) - Numericable has announced a 6.55bn-equivalent loan deal backing its acquisition of Société Française de Radiotéléphone S.A. (SFR) from Vivendi.

Deutsche Bank is leading the deal, which will also refinance some of the French cable group's existing debt.

A six-year term loan B will be split into a 2.6bn tranche and 3bn-equivalent dollar tranche. The euro tranche will be raised by the Numericable Group and Ypso France, while the dollar tranche will be raised by Numericable US.

Pricing is yet to be determined on the term loan B.

A five-year revolving credit facility is also being raised, with 750m raised at the Numericable Group level and 200m raised at Numericable's parent company Altice. The Numericable RCF will pay a margin of 325bp over Euribor, while the Altice RCF will pay 425bp over Euribor. The RCF has a net leverage maintenance covenant.

Numericable's expected corporate rating and senior secured rating are both Ba3/B+.

Deutsche Bank is left lead on the deal, with joint global coordinators Goldman Sachs and JP Morgan. Joint bookrunners are Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Morgan Stanley and ING.

The banks have arranged lender meetings in London on Thursday and New York on Friday. Unconditional commitments are due on April 23 with allocations schedule for April 24. (Reporting by Robert Smith; editing by Alex Chambers)

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