Global law firm White & Case LLP has advised the Altice Group on the conclusion of a framework agreement with the majority of its creditors holding term loans and senior secured notes at the level of Altice France SA, as well as certain creditors holding senior notes at the level of the parent company Altice France Holding SA, for the restructuring of its €24.1 billion existing debt.
The agreement marks a significant milestone for the Altice Group as it will enable it to bring down its consolidated net debt to €15.5 billion (representing a reduction of €8.6 billion), reduce its pro forma net leverage below 4x and extend the Altice Group maturity runway until 2028/2033.
In return, the creditors of Altice France SA will obtain a cash payment of approximately €1.5 billion (plus an additional premium paid in cash at closing of up to €0.5 billion, assuming full participation), an equity stake of 31 percent of common equity and approximately 77.0 cents of new secured debt instruments issued by Altice France SA.
The creditors of Altice France Holding SA will obtain a cash payment of approximately €0.1 billion (plus an additional premium paid in cash at closing of up to €0.1 billion, assuming full participation), an equity stake of 14 percent of common equity and 20.0 cents of new debt due January 2033 to be issued by a new intermediate holding company.
Employees, customers, suppliers and other commercial partners will be unaffected by the transaction.
Altice has invited non-signatory creditors to accede to the framework agreement, which is expected to be implemented by the end of 2025.
The White & Case team in Paris which advised on the transaction was led by partners Saam Golshani and Hugues Racovski and included partner Anne-Sophie Noury and associates Clément Cenreaud, Baptiste Ferraud, Louis Gibon and Aliénor Huchot.
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