Altice gears up for 5G fight with leverage-cutting refi
Telecoms giant Altice announced a €2.8bn-equivalent dual currency high yield bond on Tuesday through Goldman Sachs. Along with the proceeds of the new notes, the group will spend €1.5bn to cut group leverage — a crucial move, as telecoms firms grapple with the high capital costs of preparing for the rollout of 5G technology.
Altice is using up to €1bn of balance sheet cash to partially redeem its existing €1.25bn and $1.375m Altice France notes. It is using the funds from the new notes, along with a further €500m from Altice France, as well as “cash released from a derivative transaction”, to
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