Altice France Restructures €24 Billion in Debt
Deal News | Feb 27, 2025 | Ropes & Gray
Ropes & Gray has played a pivotal advisory role in the extensive balance sheet restructuring of Altice France S.A. and Altice France Holding S.A. The restructuring, valuing over €24 billion, involves agreements with holders of term loans, senior secured notes, and senior notes. As a result of this transaction, Altice France aims to eliminate approximately €8.6 billion of term debt, decreasing its consolidated net debt to €15.5 billion and achieving a pro-forma net leverage below 4.0x. The restructuring is designed to reduce debt and interest expenses significantly, extend the maturity period, enhance the balance sheet, and bolster Altice France's competitive edge.
Sectors
- Telecommunications
- Financial Advisory
Geography
- France – Altice France S.A. is based in France, where the restructuring is taking place.
Industry
- Telecommunications – Altice France operates in the telecommunications sector, which the restructuring directly impacts.
- Financial Advisory – Ropes & Gray's role as a legal advisor ties the article to the financial advisory industry.
Financials
- €24 Billion – Total value of the restructuring involving Altice France and Altice France Holding.
- €8.6 Billion – Amount of term debt eliminated through the restructuring.
- €15.5 Billion – The new consolidated net debt post-restructuring.
- Below 4.0x – Pro-forma net leverage after the restructuring.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Altice France S.A. | Target Company | Company | A major French telecommunications company undergoing restructuring. |
| Altice France Holding S.A. | Target Company | Company | The holding arm of Altice France involved in the restructuring. |
| Ropes & Gray | Legal Advisor | Company | The law firm advising Altice France on the restructuring. |