The law firm Luther Luxembourg has recently advised its longstanding client Altice on the financing of the acquisition of PT Portugal SGPS, S.A. and certain other entities that make up the Portuguese assets of Portugal Telecom Group, a leading provider of integrated telecommunication services to residential and corporate customers in Portugal held by Oi, a Brazilian telecommunications company.
The financing of the acquisition has been made mainly through the issuance of high yield notes consisting of €2.1 billion (equivalent) of senior notes issued by Altice S.A., €2.3 billion (equivalent) of senior secured notes issued by Altice Financing S.A. and $385 million of senior notes issued by Altice Finco S.A. (the “Notes”).
In addition, Altice Financing S.A. borrowed €841 million (equivalent) under a term loan b facility and entered into a €330 million revolving credit facility.
The completion of the above-mentioned acquisition is subject to approval by the relevant competition authorities.
Luther Luxembourg has acted as legal advisor on the Luxembourg legal aspects of the financing, in particular reviewing all financing documentation and drafting corporate documentation.
Luther Luxembourg has also, particularly, advised Altice from a Luxembourg law perspective in relation to the drafting of the prospectuses for the issuance of the Notes and in relation to the listing of the Notes on the official list of the Luxembourg Stock Exchange and their admission to trading on its EURO MTF market which has been achieved on 13 March 2015.
Altice is a multinational cable and telecommunication group providing cable based services (high quality pay television, fast broadband Internet and fixed line telephony) and mobile telephony services. The Altice group is present in various countries, including France, Israel, Belgium, Portugal, French West Indies/ Indian Ocean Area and Dominican Republic and Switzerland.
Luther Luxembourg: Eric Sublon (Managing Partner, Corporate), Laurent Massinon (Partner), Agathe Laissus (Associate), Fabienne Schauber (Associate) and Christina Nickel (Associate) (all Banking, Finance & Capital Markets).