Altice bond deal on ice until shareholder vote

martes 13 de enero de 2015 07:32 GYT

* Delayed shareholder vote pushes back bond deal

* Jumbo transaction threatens to run into Greek election

* Market speculates on structure and price

By Robert Smith

LONDON, Jan 13 (IFR) - Portugal Telecom SGPS's delayed shareholder vote has pushed back Altice's hotly anticipated jumbo high-yield bond, potentially pegging the issue's timing close to Greece's general election.

High-yield bond investors had expected to see the deal of up to EUR5.7bn-equivalent backing the acquisition of Oi's Portuguese operations this week, following a shareholder vote at Portugal Telecom SGPS on January 12.

The vote has now been delayed to January 22 at the request of a number of the company's stakeholders.

"The expectation is that the bond is now pushed back," said a banker on the deal. "The company is fine doing a deal while it's still subject to antitrust clearance, but I don't think they'd put money into escrow when it's subject to an imminent vote."

Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley have underwritten the debt raising.   Continuación...