Altice Europe N.V. Announces Altice Corporate Financing Facility Extended to 2023, No Material Maturity Until 2025

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Algemeen advies 20/05/2020 07:06
Altice Europe N.V. (Euronext ATC, ATCB) (“Altice Europe”) announces today the extension of the maturity and a partial repayment of the Altice Corporate Financing facility.
This transaction demonstrates Altice Europe’s commitment to proactively manage its liabilities across its capital structure, significantly improving its maturity schedule with no major maturities before 2025. Following today’s transaction and the significant January 2020 refinancing activity, the average maturity for the Altice Europe debt capital structure has been extended by 0.7 years and as of March 31, 2020, the average maturity is 6.3 years.
This transaction and the successful January 2020 refinancing activity, which included achieving the long-standing objective of significantly simplifying the group capital structure, have secured a significant reduction in annual cash interest costs for the Group. Total annual interest savings pro forma for this transaction alone are €48 million, through a combination of average cost of debt and absolute debt reduction. The Group has achieved €470 million of annual interest savings, pro forma for this transaction, out of the previously stated target of €700 million annual interest savings. The weighted average cost of debt for Altice Europe has decreased from 5.0% at year-end 2019 to 4.8% now.
Transaction Summary
- Altice Europe will repay €668 million of the Altice Corporate Financing facility with cash available on balance sheet. After this repayment, the Altice Corporate Financing facility will be reduced from €1,728 million to €1,060 million.
- The maturity of the remaining facility has been extended, from June 30, 2021 to June 30, 2023.
- The coupon has been reduced from 6.85% to 6.625%.

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