Game on for leveraged M&A as Numericable raises €16bn

By Olivier Holmey
23 Apr 2014

Numericable and Altice pulled off a funding coup this week with a €16bn synchronised high yield bond and leveraged loan deal to back their takeover of French mobile phone operator SFR, which is still months away from closing, writes Olivier Holmey.

The French cable companies’ transaction was the biggest test of the leveraged finance market since the crisis, and included the largest ever high yield bond, totalling €12bn. Even tough-skulled high yield bulls gaped at the enormous book – the deal was 10 times oversubscribed, according to a banker ...

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