Altice SFR France - comment

Altice SFR France has made further progress in its financial restructuring, having secured majority support from its revolving credit facility (RCF) lenders. This support enables the Company to initiate accelerated safeguard proceedings, which are expected to be completed within the standard two-month timeframe. The overall transaction remains on track to close in October.

In a separate update, the Company released its first-quarter results yesterday. Management reaffirmed its commitment to asset disposals as a means to reduce leverage from the current 4.8x to below 4.0x. The average revenue per user (ARPU) declined, attributed to heightened competitive pressures and a lower contribution from network construction activities. EBITDA also fell during the quarter. However, management confirmed that EBITDA less CAPEX is projected to grow in FY2025.

As anticipated, the Company did not comment on recent media speculation suggesting a potential sale of the entire business.