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Bond Market News
Altice Designates Key Units as Unrestricted Subsidiaries; Bonds Plummet
December 2, 2025
Altice saw its bonds plummet on Monday after the company designated Altice Portugal SA and Altice Caribbean Sarl as unrestricted subsidiaries. The move, known as a drop-down, allows both units to incur debt, sell assets or pay dividends without seeking approval from existing creditors. The units hold Altice’s operations in Portugal and Dominican Republic respectively. One of Altice Portugal’s divisions has already raised €750mn ($872mn) of new debt to pay upcoming liabilities as well as for general working capital purposes. Creditsights analysts led by Mark Chapman said in a note, “Altice gave creditors a cruel post-Thanksgiving gut-punch on Friday after market close, announcing it had shifted assets contributing 80% of the last-twelve-month Ebitda out of the restricted group…At this stage, we see Drahi as holding most of the cards, with limited scope for the creditors to fight back hard. We see creditors in a weak position — both with assets stripped and given the highly uncertain valuations for all of the assets in the group.”
Altice Finco’s EUR 4.75% 2028s lost almost half its value, dropping from 34.5 cents at the end of last week to 18.5 cents on the euro currently. Altice Financing’s USD 5.75% 2029s also fell by ~8 points to 66.6 cents on the dollar.
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