Altice’s $6 billion equivalent notes expected Tuesday after Monday shareholder vote

By Paul A. Harris

Portland, Ore., Jan. 8 – In a mammoth deal that has been anticipated since late autumn, Altice International and Altice SA are expected to bring $6 billion equivalent of junk bonds to market on Tuesday following a shareholder vote set for Monday, a portfolio manager said.

In that Monday vote Altice shareholders are expected to decide on Altice’s planned acquisition of Portuguese operations from Brazil’s Oi for €7.4 billion.

The deal might run a brief roadshow, according to the investor, who added that it stands to receive a decent reception from the buyside after the generally positive experiences investors had last April when Altice and its 40% owned Numericable Group AG combined to bring a record-setting €12 billion equivalent of high-yield bonds in seven tranches.

“It’s not that highly leveraged, and it’s in a sector that people like,” said the investor.

JPMorgan and Goldman Sachs are expected to lead the anticipated multi-tranche deal in a syndicate of banks that will include Credit Suisse, Deutsche Bank, Morgan Stanley, BNP Paribas, Citigroup, Credit Agricole, HSBC, Nomura and SG CIB, the buysider said.

Altice is a Luxembourg-based telecom.

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