Numericable-SFR has successfully placed USD5.19 billion of ten-year Senior Secured Notes (NC5) with institutional investors, significantly upsizing from the original offering of USD2.25 billion launched earlier this week following ‘excess demand’. The company said that the proceeds will be used to repay SFR’s existing debt maturing in May 2019 (USD2.4 billion) and drawings under its revolving credit facility (EUR450 million [USD512 million]), while also repaying EUR1.9 billion of the May 2020 term loans (following approval of certain amendments by the lenders). Financing has also been committed to refinance the full amount of the USD2.6 billion 2020 term loans. On this basis the operator claims that it now has no material debt repayments due until 2022.
Michel Combes, Chairman of SFR and Chief Operating Officer (COO) of parent company Altice Group, said: ‘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.’