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Bond Market News
Altice’s Creditors Present Debt Restructuring Proposal
September 19, 2024
Altice’s secured creditors presented a plan to restructure the company’s debt burden of €24.4bn ($27.2bn), on Tuesday. The company is currently reviewing the plan, but is unlikely to accept it, according to the sources. Earlier in July, the company had asked the creditors to take 20% haircut to help company reduce its leverage. However, the counterproposal presented by the creditors’ steering committee said that the collateralized loan obligations invested in Altice would get so-called takeback debt and the rest of the secured debtholders would see a 15% haircut, as per sources. In exchange, debtholders would receive convertible bonds exchangeable for a significant equity stake which could lead to creditors taking control of the company from Drahi depending on the value at the time of the conversion, the sources added.
Altice’s bonds were marginally up with its 5.5% 2028s up at 73.6, yielding 16%.
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