Altice International’s €2.8 Billion Refinancing

Vinson & Elkins represented Credit Suisse Securities (Europe) Limited, J.P. Morgan Securities LLC, J.P. Morgan Securities plc, Barclays Bank PLC, Barclays Capital Inc., BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, Goldman Sachs International, ING Bank N.V., London Branch, Morgan Stanley & Co. International plc, Nomura International plc, RBC Capital Markets, LLC, RBC Europe Limited, and Société Générale, as joint bookrunners, in connection with the Rule 144A/Regulation S offering of $1.2 billion aggregate principal amount of 5.000% senior secured notes due 2028, €1.1 billion aggregate principal amount of 3.000% senior secured notes due 2028 and €600 million aggregate principal amount of 2.250% senior secured notes due 2025 by Altice Financing S.A., a financing vehicle of Altice International S.à r.l.

The Notes were issued on January 22, 2020 and the Issuer intends to use the net proceeds from the sale of the Notes to redeem in full the $400 million aggregate principal amount of Altice Finco S.A.’s 8?% senior notes due 2024, to redeem in full $2,060 million aggregate principal amount of the Issuer’s 6?% senior secured notes due 2023 and to redeem in full the €500 million aggregate principal amount of the Issuer’s 5¼% senior secured notes due 2023.

Altice International, a subsidiary of Altice Europe N.V., is a multinational telecoms and mass media company which delivers innovative, customer-centric products and solutions to its over 30 million customers through fiber networks and mobile broadband.

The V&E team was led by partner Noel Hughes (Picture) with assistance from partner Federico Fruhbeck, counsel Cason Moore, senior associates Matthew Lowe and Nicole Threatt and associate Anthony Sanderson. Counsel Andrew Callaghan provided tax advice.

Involved fees earner: Andrew Callaghan – Vinson & Elkins LLP; Federico Fruhbeck – Vinson & Elkins LLP; Noel Hughes – Vinson & Elkins LLP; Matthew Lowe – Vinson & Elkins LLP; Cason Moore – Vinson & Elkins LLP; Anthony Sanderson – Vinson & Elkins LLP; Nicole Threatt – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Barclays Bank; Barclays Capital ; BNP Paribas; Citigroup Global Markets Ltd; Crédit Agricole Corporate and Investment Bank; Credit Suisse Securities Limited (Europe) Limited; Deutsche Bank AG London Branch; Goldman Sachs International; ING Bank, London Branch; JP Morgan Securities; Morgan Stanley; Nomura International plc; RBC Capital Markets; RBC Europe Limited; Société Générale;

Author: Ambrogio Visconti