Orders top USD100bn for Numericable and Altice bonds
LONDON, April 23 (IFR) - Orders have topped USD100bn for the EUR12.05bn-equivalent high-yield bond package from Numericable and Altice, according to a banker on the deal.
The final book on the EUR7.9bn-equivalent Numericable opco bond is more than 10-times subscribed, while books on the riskier EUR4.15bn-equivalent Altice holdco bond closed more than seven-times covered.
The banker added that the largest single order was a massive EUR5.5bn.
Scale-backs in allocations will be huge given the level of demand, and the banker estimated that around 40% of funds that placed orders could end up with zero allocations.
The bonds are due to price later this afternoon. (Reporting by Robert Smith; Editing by Philip Wright, Julian Baker)