- Nous connaître
- Discover SFR
- Press releases
- SFR Press Release
- SFR announces successful refinancing, placing $5.2bn of Senior Secured Notes
SFR announces successful refinancing, placing $5.2bn of Senior Secured Notes
April 7, 2016 – Numericable-SFR SA (Euronext: NUM) (“SFR” or "Altice France") announces it has successfully placed $5.19 billion of 10-year Senior Secured Notes (NC5) with institutional investors, significantly upsizing from the original offering of $2.25 billion launched on April 5 following excess demand. The proceeds will be used to repay the entire amount of the $2.4 billion of existing SFR debt maturing in May 2019, repay the €450 million of drawings under its revolving credit facility, and, following approval of certain amendments by the lenders, repay the €1.9 billion May 2020 term loans. Financing has also been committed to refinance the full amount of the $2.6 billion 2020 term loans.
On this basis, the average maturity of the capital structure is expected to be materially extended from 5.8 years to 7.9 years, strengthening SFR's liquidity profile. SFR now has no material debt repayments due until 2022. The weighted average cost of SFR's debt will increase marginally from 4.8% to 5.4%.
The USD coupon of the new Senior Secured Notes will be 7.375%. The equivalent swapped coupon for the euro repayments is c.5.7%.
As this transaction demonstrates, both SFR and Altice are committed to proactively managing their liabilities, including maintaining or improving their maturity schedules.
Michel Combes, Chairman of SFR and COO of Altice Group: Following overwhelming demand, we are delighted to see the bond market recognises the strength of our strategy, long-term investment plan and cash flow generation by offering very attractive terms for this significant refinancing transaction.
Sur le même sujet
- Le groupe SFR, partenaire du Sidaction
- Offre de référence d'interconnexion et d'accès relative à la terminaison d'appel vocal "directe" sur le réseau fixe Completel
- Offre de référence d'interconnexion et d'accès relative à la terminaison d'appel vocal "directe" sur le réseau fixe NC Numericable
- SFR’s fixed and mobile networks in February
- Réseaux fixe et mobile en février