Altice Group's Strategic Debt Restructuring: A $8.6 Billion Reduction

Deal News | Mar 03, 2025 | White & Case

Altice Group's Strategic Debt Restructuring: A $8.6 Billion Reduction

The Altice Group has secured a pivotal restructuring deal on its $24.1 billion debt, significantly reducing it by $8.6 billion to $15.5 billion and extending its maturity to 2028/2033. Advised by global law firm White & Case LLP, the agreement involves most of its creditors with term loans and senior secured notes. Creditors of Altice France SA obtain a combination of cash payments, equity stakes, and new secured debt instruments. Similarly, Altice France Holding SA creditors receive cash, equity, and new debt due in 2033. The transaction will not affect employees, customers, suppliers, or other partners. White & Case's Paris team, led by Saam Golshani and Hugues Racovski, facilitated the negotiation. The restructuring framework should be fully implemented by the end of 2025, with an invitation for non-signatory creditors to join.

Sectors

  • Telecommunications
  • Legal Services
  • Corporate Finance

Geography

  • France – Altice France SA and Altice France Holding SA are key entities involved in the debt restructuring, reflecting the geographic focus of this transaction.
  • Global – As a global player and owing to the international involvement, including White & Case LLP, the transaction has global relevance.

Industry

  • Telecommunications – Altice Group operates within the telecommunications industry, providing fixed and mobile telephony services.
  • Legal Services – White & Case LLP, a global law firm, played a pivotal role in advising the Altice Group on the legal aspects of the debt restructuring.
  • Corporate Finance – The restructuring is a significant corporate finance transaction, managing Altice Group's debt and financial strategies.

Financials

  • 24.1 billion – Original debt amount of Altice Group before restructuring.
  • 8.6 billion – Amount by which Altice Group's debt will be reduced.
  • 15.5 billion – New consolidated net debt post restructuring.
  • 1.5 billion – Cash payment to creditors of Altice France SA.
  • 0.5 billion – Additional premium paid in cash at closing for creditors of Altice France SA.
  • 0.1 billion – Cash payment to creditors of Altice France Holding SA.
  • 0.1 billion – Additional premium paid in cash at closing for creditors of Altice France Holding SA.

Participants

NameRoleTypeDescription
Altice GroupTarget CompanyCompanyA multinational telecommunications company focusing on fixed and mobile telephony services.
Altice France SATarget EntityCompanyA subsidiary of the Altice Group involved directly in the debt restructuring.
Altice France Holding SATarget EntityCompanyThe parent holding entity involved in the debt restructuring.
White & Case LLPLegal AdvisorCompanyA global law firm advising the Altice Group on the debt restructuring transaction.
Saam GolshaniLead PartnerPersonPartner at White & Case LLP, leading the advisory team on the restructuring.
Hugues RacovskiPartnerPersonPartner at White & Case LLP, involved in the advisory team on the restructuring.
Anne-Sophie NouryPartnerPersonPartner at White & Case LLP, part of the advisory team.
Clément CenreaudAssociatePersonAssociate at White & Case LLP, part of the advisory team.
Baptiste FerraudAssociatePersonAssociate at White & Case LLP, part of the advisory team.
Louis GibonAssociatePersonAssociate at White & Case LLP, part of the advisory team.
Alineor HuchotAssociatePersonAssociate at White & Case LLP, part of the advisory team.