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PARIS – Patrick Drahi’s Netherlands-based Altice has refinanced a portion of the existing debt of its French telco group SFR and Altice International, to the tune of 2.5 billion euros and 863 million euros, respectively.

“With this latest refinancing transaction totaling 3.4 billion euros ($3.67 billion), Altice Group has now refinanced about 30 billion euros ($32.3 billion) of its debt in the past year,” said Dennis Okhuijsen, CFO of Altice Group.

Okhuijsen said this “refinancing activity clearly demonstrates Altice’s commitment to proactively manage its liabilities across every credit pool, significantly improving its maturity schedule as well as reducing interest costs.”

Thanks to the refinancing, SFR, which Altice bought from Vivendi in 2014 and merged with its Numericable cable operation, will be able to extend its capital structure from 7.3 to 7.6 years. Meanwhile, the average maturity of Altice International’s capital structure has been extended from 6.7 to 7.0 years.

The refinancing activity strengthens Altice’s cash flow and reduces total annual interest costs by 60 million euros. The average maturity of Altice Group is now 6.8 years and the weighted average cost of debt will remain stable at 6.0% (from 6.1% previously).