Pellerano & Herrera advises Altice on €2.8bn bond offering
Dominican Republic law firm Pellerano & Herrera has acted as local counsel to the underwriters in a €2.8 billion bond offering by Altice Financing.
Altice is a French telecommunications and media company company and has the second-largest market share in France.
The firm’s team was led by partner Carolina León (pictured) and senior associate María Montero.
The firm’s work included the review of the purchase agreement, offering memorandum disclosures, relevant diligence documents, and Indenture, as well as general legal assistance for the closing of the local deal.
In this transaction, Altice Europe successfully priced and allocated €2.8 billion of new senior secured notes at Altice International following significant excess demand.
These senior secured notes are the lowest coupon debt ever raised by Altice International. The proceeds from this transaction will be used by Altice International to refinance in full its €500 million and US$2,06 million 2023 senior secured notes and $400 million 2024 senior notes. In parallel, €2.35 billion of proceeds from recent disposals and cash available on balance sheet will be used to permanently repay debt of €500 million at Altice Luxembourg and €1.85 billion at Altice International, including €250 million, 9.0 per cent Senior Notes due 2023 it called for redemption in December 2019.
