PARIS, Jan 24 (Reuters) – Telecoms and cable group Altice Europe, which has been looking to reduce its debt burdens, said on Friday that it had simplified its capital structure.
The company said it would create two new distinct and diversified funding pools, one for its Altice France arm and another for its Altice International unit.
It added that its Altice France unit priced 1.6 billion euros ($1.78 billion) equivalent of 8-year senior notes and 500 million euros ($554.70 million) of 5-year senior secured notes.
It said these deals would extend the maturity for its overall debts, and cut the average cost of its debts.
“The simplification of the group capital structure has been a long-standing objective for the group and as such this transaction is a key milestone,” said Altice Europe chief financial officer Malo Corbin.
$1 = 0.9014 euros
Reporting by Matthieu Protard;
Editing by Sudip Kar-Gupta