Luxembourg-based private equity fund Altice Group has announced that it has implemented bond-heavy financing worth USD1.685 billion to back its parallel acquisitions of Orange Dominicana and an 88% stake in local telecoms provider Tricom. According to TMT Finance, Altice’s subsidiaries Altice Finco SA and Altice Financing will respectively issue USD400 million and USD1.285 billion in senior and senior secured dollar and euro bond notes. Further, Goldman Sachs is rumoured to be one of the likely underwriters of the process.
As previously reported by TeleGeography’s CommsUpdate, in November 2013 Altice Caribbean, a subsidiary of Altice Group, signed an agreement to acquire Dominican integrated telecoms services provider Tricom from its current owner Hispaniola Telecom, a company controlled by Amzak Capital Management and Inversiones Bahia, for an undisclosed sum. In addition, towards the end of the month, Paris-based Orange Group agreed to sell its Orange Dominicana unit to Altice for EUR1.1 billion (USD1.435 billion). Successful completion of the acquisition is subject to approval from Dominican telecoms watchdog Instituto Dominicano de las Telecomunicaciones (Indotel), and the transaction will be considered by Orange Group’s board of directors during the week commencing 9 December 2013.