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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
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
It is reported that the Company has started confidential discussions with Senior lenders. The company is proposing several versions, including partial debt
The opening bell of negotiations between Drahi and creditors has rung, with the Company/Drahi floating a proposal to the steering creditor committee. The proposal appears
The opening bell of negotiations between Drahi and creditors has rung, with the Company/Drahi floating a proposal to the steering creditor
Further speculation and press stories are emerging regarding Altice France. It is rumoured that Altice France is exploring potential debt raising at
Please find our updated model here.
We continue to see value in Altice International bonds, and despite the obvious tainting from related Altice entities, Altice International remains a
While most of us try to imagine the future capital structure and which creditor class will take a haircut (answer all!), the underlying business continues to