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Altice France shifts RCF from holdco to opco

Altice France has shifted a revolving credit facility from the HoldCo level to the OpCo level, according to four sources familiar with the matter.

The move by the Luxembourg-headquartered telco was mentioned in the filings on the Syndtrak loan investor portal earlier this week, they added.

The HoldCo, Altice France Holding SA, had little cash as of 31 December 2023, three of the sources pointed out. The HoldCo had EUR 445m in cash as of year-end 2023 on a consolidated basis, EUR 451m of which was cash at Altice France SA level, two of them noted.

The disclosures on Syndtrak included the redesignation of more assets as unrestricted subsidiaries, prompting investors to review their collateral value.

In addition to Altice Media and UltraEdge data centre assets which were previously disclosed on its 4Q23 earnings call, the redesignation also included two boxes – Altice XPM and Altice Participations (previously known as OTR 2 Sarl) — that were previously at sister company Altice International.

Altice France’s board of directors is working with White & Case as legal counsel. Ropes & Gray and French law firm De Pardieu are acting as legal advisors to Altice France, while Lazard acts as its financial advisor, as reported by Debtwire.

Chart depicting the Altice France Holding restricted group capital structure

Altice did not respond to a request for comment.