Altice SFR France - comment

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 at 4.5x. Total revenue declined by 9% year over year, partially explained by construction revenue at XpFibre. However, we remain concerned over the subscriber loss which has driven mobile revenue service revenue down 6%. Despite the write-down in debt, we consider leverage still high which weighs on future cashflow. We await the publication of the full financials to gain further insight.