Milbank Represents Altice France’s Ad Hoc Group Of Note Holders To Refinance 90 % Creditor Support

Milbank Represents Altice France’s Ad Hoc Group Of Note Holders To Refinance 90 % Creditor Support

This signifies that the borrowing would be implemented consensually

Global law firm Milbank LLP has guided an ad hoc group of holders of senior notes issued by Altice France Holding. It is a part of the landmark European restructuring of c. €29 billion debt owed by the Altice Group. The SUNs accounts for c. €4.5 billion.

Across all tranches of junior and senior indebtedness, the creditor support for the overall refinancing reached 90 percent.

Recently, Altice launched a French conciliation process to finalize preparations for a planned consensual implementation.

Under the company’s terms, the debt refinancing, holders of the SUNs will receive a cash payment of 2.5 percent of principal on closing, with an extra 2.5 percent payable to noteholders who consented to the transaction before the previous deadline.

The consenting creditors will also receive 20 percent of their existing notes in reinstated debt. These will be issued by Altice’s new subsidiary, a pro rata proportion of 14 percent of the issuer’s equity and Altice’s contingent value rights.

The Milbank team was led by financial restructuring partner Nicholas Dunstone, with Yushan Ng and Sinjini Saha.

The team also included special counsel Suzanne Thomson and associates Diana Dai, Ryan Edge and Joseph Clarke.