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Capital and Legal Structure 30/09/22
Industry and Company 30/09/22
Inflation and Cashflow 30/09/22
Investment Discussion 30/09/22
Altice International has commenced its financial restructuring by raising €750m at Altice Portugal S.A. This was enabled by
The French police, supported by Eurojust, have conducted raids on several homes and businesses in France as part of an investigation into
Orange published its third-quarter results this morning. While there were limited remarks regarding its joint venture bid for Altice SFR, management clarified that
Please find our updated analysis of Altice International here.
We look forward to sharing a more detailed note post the Q2 numbers later this month, but some of you have requested a recapitalisation table, which we share in this analysis. As evidenced by current trading levels, an imminent restructuring may
Altice France announces unanimous votes in favour of the draft accelerated safeguard plans. The hearing before the Commercial Court of
With summer underway, speculation has resumed. This morning’s press article references potential interest from Blackstone in a joint
As part of the restructuring process, Altice France SA filed for Chapter 15 yesterday. An initial hearing is expected today (Wednesday), with a
The Credit Derivatives Determinations Committee has ruled that the French telecommunications group’s debt restructuring constitutes
Altice SFR France has made further progress in its financial restructuring, having secured majority support from its revolving
Our main takeaway from yesterday’s call was the confirmation that Altice International were in discussions to sell a stake in its
No mention of an Altice SFR-type transaction on the Q4 and FY24 call. Revenue is marginally down for the year, EBITDA 3% lower at €1.6bn. Some of the underperformance in EBITDA is explained by
Altice confirmed that 98% of creditors have supported the recent transaction which extended the maturities and partial writedown off outstanding debt. Pro-forma leverage now sits
Altice International are again trying to sell their Covilhã Data centre in Portugal, with press reports stating that the base valuation exceeds €100m / close to
Although the cleansing documents from Altice France were not specifically mentioned, creditors and the market assume that the 50.1% XPFibre stake would be
As previously commented Gibson Dunn has launched a cooperative agreement for senior creditors in Altice International. This became effective
Altice France has confirmed it has received over 90% creditor support across all tranches of its debt before the expiration deadline on
Altice France has received sufficient creditor consent to proceed with the proposed restructuring. However, they have extended the deadline to the
What are the chances of the deal falling through at this stage? A group of 2029 bondholders are seeking to change some agreement terms, namely, to have only one
Rinse and repeat - it worked for Altice France, so Altice International secured creditors have launched a cooperation agreement, advised by Gibson Dunn. The debt documentation is
We had expected the announcement yesterday, but Altice the cleansing statement outlining the proposed deal only reached us today. Creditors have until March 12th to accede to the
We were expecting an announcement this morning from the Company confirming a proposed deal between creditors and the Company. Some details are emerging from
Don’t get too excited. Press over the weekend reports that Altice is seeking to exit its fibre JV OXG with Vodafone. Firstly, this is Altice Luxembourg SA, the
While we await the finalised restructuring proposal at Atlice France, S&P have downgraded Altice International's structure, with the Senior Secured Notes downgraded to CCC+ and the
And into round X of negotiations between Altice SFR management and creditors, with reports of another offer from the Company to creditors. The devil will be in
We expect the recommencement of articles on Altice SFR France over the coming days as investors refocus on the imminent restructuring. The €381m of
Altice creditors have recommenced discussions with the Company, with senior lenders laying down some red lines for future negotiations. Senior lenders, advised by
S&P have downgraded Altice France to CCC, due to the risk of a distressed exchange of the bonds is increasing. We see a distressed
Becoming uncomfortably normal, SFR France held a curtailed conference call post their numbers, again not allowing any questions. The guidance for
Clarity isn’t Altice’s forte and further muddying of the numbers in Altice International’s Q3 release. Altice International have divested/moved the
Our initial view is the differences between the Company and Ad-hoc proposals are not that far apart (details below) and a deal should be