Numericable and Altice fix terms on EUR12.05bn-equivalent bonds

Wed Apr 23, 2014 6:01am EDT

LONDON, April 23 (IFR) - Numericable and Altice have set final terms on their EUR12.05bn-equivalent high-yield bond package, split into EUR7.9bn-equivalent of bonds from Numericable and EUR4.15bn-equivalent from Altice.

On the Numericable senior secured first lien notes, a USD2.4bn five-year non-call two tranche will price at a 4.875% yield. The eight-year non-call three tranches will be split into a EUR1bn piece at 5.375% and a USD4bn piece at 6%. The 10-year non-call fives will be split into a EUR1.25bn tranche at 5.625% and USD1.35bn at 6.25%.

On the eight-year non-call three senior notes at the Altice holdco level, a USD2.9bn tranche will price at 7.75% and a EUR2.1bn tranche at 7.25%.

Orders have to be reconfirmed by 1:00pm London time, for pricing thereafter. (Reporting by Robert Smith, editing by Helene Durand and Julian Baker)

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