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Altice Creditors Engage Legal Advisors; Curves Continue To Sell-Off

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  • The Altice curves (France & International) are sitting up to 8 and 7 points lower on the day respectively, bringing moves since Tuesday’s close to 28 points and 8 points lower in places.
  • The company yesterday reported earnings with very weak FY guidance which was followed by an analyst call in which the company set more aggressive leverage reduction targets (4x vs. 4.5x previously, from 6.2x) in plans involving creditor participation in “discounted transactions” i.e. debt haircuts.
  • There are headlines today that a group of Altice France’s creditors with EUR ~1.5bn of debt, including Attestor Capital and Arini, have engaged adviser Houlihan Lokey for debt talks.
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