Altice unit upsizes bond and loan sale: lead
Cable giant Altice has more than doubled the size of a bond and loan offering sold through is US subsidiary Cablevision, according to one of the lead banks on the trade.
The company is now expected to raise a combined US$2.5bn through a 10-year bond sale and eight-year loan, up from US$1bn originally.
It is not immediately clear how the new amount will be split.
The company plans to use US$1bn of the proceeds to fund a special dividend to shareholders of Altice USA as part of the unit’s spin-off from its European parent Altice NV.
Some investors and analysts had expected Altice to increase the size of the offering, and to use the extra proceeds to refinance upcoming debt maturities.