On Monday, the acquisitive Netherlands-based telecom and cable group Altice, founded and led by French Patrick Drahi, stated that it has worked out a debt refinancing deal which will reduced its cost burden on interest payments as well as extend its debt maturity.
As part of the deal, SFR divisions and Altice International have managed to secure $4.7 billion (4 billion euros) in new term loans.
In addition to this, Altice International has priced 675 million euros of unsecured notes which attract an interest rate of 4.75%.
“This latest refinancing transaction totalling 4 billion euros, plus a record low for a new unsecured 10-year bond at 4.75 percent, again demonstrates Altice’s commitment to proactively manage its liabilities across every credit pool, significantly improving its maturity schedule as well as reducing interest costs,” said Dennis Okhuijsen, the Altice Group’s CFO in a statement.
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