Altice could launch debt deal on Friday

jueves 22 de enero de 2015 11:39 GYT

By Robert Smith

LONDON, Jan 22 (IFR) - Altice could begin marketing its jumbo debt deal backing its upcoming Portuguese acquisition as early as Friday if a crucial shareholder vote goes its way.

Portugal Telecom SGPS shareholders are due to vote on the EUR7.4bn sale to Altice later on Thursday. Portugal Telecom stocks soared by about 20% earlier in the day indicating growing confidence that the deal will be approved.

Two sources close to Altice said the company was ready to formally announce its high-yield bond and leveraged loans backing the deal on Friday if the vote goes through.

Altice is looking to raise up to EUR5.7bn-equivalent in debt financing to back the acquisition. The company has primed the market for high-yield bonds and leveraged loans raised by Altice International, as well as new high-yield bonds via the Altice SA listed holding company.

JP Morgan is set to lead the Altice SA holdco bonds while Goldman Sachs will lead the Altice International opco bonds.

One high-yield bond investor said bankers had briefed him to expect an important investor meeting in London on Friday, which he speculated could be for the Altice deal. (Reporting by Robert Smith, editing by Alex Chambers and Luzette Strauss.)