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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe N.V.    ATC   NL0011333752

ALTICE EUROPE N.V.

(ATC)
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Altice Europe N.V. announces significant simplification of the group capital structure - 24.01.2020 - 7:35 CET

01/24/2020 | 02:25am EST

January 24, 2020

Altice Europe announces transaction to significantly simplify the

group capital structure

Transaction to result in capital structure with two distinct and diversified funding pools: Altice France and Altice International

Altice France priced:

  • €1.6 billion equivalent of 8-year Senior Notes, coupon at 4.0%
  • €500 million of 5-year Senior Secured Notes, coupon at 2.1%
    Annual interest savings of €36 million, lowest coupon ever at 2.1%

€363 million achieved out of €700 million annual savings target

Altice Europe N.V. (Euronext ATC, ATCB) ("Altice Europe") has announced a three-part

transaction to significantly simplify the group capital structure.

Following the transaction, including the exchange offer, Altice Europe will achieve its long-standing objective of significantly simplifying the group capital structure through the removal of Altice Luxembourg HoldCo. This will result in a group capital structure with direct access to cashflows from two distinct, diversified funding pools: Altice France and Altice International.

With today's transaction and Altice International's successful January 2020 refinancing, the average maturity for the Altice Europe debt capital structure has been extended from 6.0 to

6.6 years1, with no major maturities before 2025. The weighted average cost of debt for Altice Europe has decreased from 5.4%1 to 5.0%. Altice France and Altice International (the telecom perimeter) total pro forma net leverage is 4.7x2 on an L2QA basis.

Malo Corbin, Chief Financial Officer of Altice Europe, said: "The simplification of the group capital structure has been a long-standingobjective for the group and as such this transaction is a key milestone. Altice Europe is committed to proactively manage its liabilities across its simplified and strengthened capital structure, further improving the maturity schedule and reducing annual cash interest costs. The Group is on track to reach its mid-termleverage target of 4.25x for the telecom perimeter. Our deleveraging strategy has been underpinned by improved operational performance, successful monetization of infrastructure in Portugal as well as this transaction and the recent January 2020 Altice International refinancing. We have

  1. As of September 30, 2019
  2. Pro forma for the January 2020 refinancing at Altice International which includes €2.35 billion of proceeds from recent disposals and cash

available on balance sheet to be used to permanently repay debt of €500 million at Altice Luxembourg and €1.85 billion at Altice International (including the €250 million 9.0% 2023 Senior Notes it called for redemption in December 2019)

1

achieved €363 million annual savings pro forma for this transaction out of our previously stated target of €700 million annual savings. This is a target that we can exceed sooner than expected given the existing low rate environment and ongoing strong support from debt capital markets."

Transaction Summary

  1. Altice Europe has successfully priced and allocated €2.1 billion (equivalent) of new Notes at Altice France following significant excess demand:
    • €1.6 billion (equivalent) of 8-year euro and dollar Senior Notes maturing in January 2028 with a weighted average cost on a fully euro swapped basis of 4.0%,
    • €500 million of 5-year euro Senior Secured Notes maturing in January 2025 with a coupon of 2.1%.

The proceeds from this transaction, along with cash on balance sheet, will be used to partially refinance the €750 million and $1,480 million Altice Luxembourg 2025 Senior Notes, reducing the weighted average cost of debt of the Altice Europe complex and substantially extending maturities.

  1. Altice Europe will offer to exchange the €1,400 million and $1,600 Altice Luxembourg 2027 Senior Notes into Senior Notes at a subsidiary of Altice France as per the Exchange Mechanism described in the existing indenture. The Notes will retain the same characteristics.
  2. Following the issuance and exchange, the new Senior Notes will move to the immediate parent company of Altice France.

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Regulated Information

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Contacts

Head of Investor Relations Altice Europe

Sam Wood: +41 79 538 66 82 / sam.wood@altice.net

Head of Communications Altice Europe

Arthur Dreyfuss: +41 79 946 4931 / arthur.dreyfuss@altice.net

About Altice Europe

Altice Europe (ATC & ATCB), listed on Euronext Amsterdam, is a convergent leader in telecoms, content, media, entertainment and advertising. Altice delivers innovative, customer- centric products and solutions that connect and unlock the limitless potential of its over 30 million customers over fibre networks and mobile broadband. Altice is also a provider of enterprise digital solutions to millions of business customers. The company innovates with technology, research and development and enables people to live out their passions by providing original content, high-quality and compelling TV shows, and international, national and local news channels. Altice delivers live broadcast premium sports events and enables its customers to enjoy the most well-known media and entertainment.

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Disclaimer

Altice Europe NV published this content on 24 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2020 07:24:09 UTC


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Financials
Sales 2020 14 984 M 18 234 M 18 234 M
Net income 2020 -302 M -368 M -368 M
Net Debt 2020 31 405 M 38 216 M 38 216 M
P/E ratio 2020 -20,2x
Yield 2020 -
Capitalization 6 491 M 7 901 M 7 899 M
EV / Sales 2020 2,53x
EV / Sales 2021 2,41x
Nbr of Employees 45 409
Free-Float 46,0%
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Altice Europe N.V. Technical Analysis Chart | ATC | NL0011333752 | MarketScreener
Technical analysis trends ALTICE EUROPE N.V.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 4,88 €
Last Close Price 5,35 €
Spread / Highest target 82,2%
Spread / Average Target -8,82%
Spread / Lowest Target -25,2%
EPS Revisions
Managers and Directors
NameTitle
Alain Phillippe Romain Weill Chief Executive Officer & Executive Director
Patrick Drahi President & Executive Director
Jurgen van Breukelen Chairman
Armando Pereira Chief Operating Officer
Malo Pascal Jean-Pierre Corbin Chief Financial Officer
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