Numericable Raises $10.9 Billion in Junk Bond Offering

Numericable, the French cable unit of Altice, raised 7.9 billion euros, or about $10.9 billion, on Wednesday in the largest junk bond offering in history to help finance the acquisition of Vivendi’s mobile unit, SFR. Altice, a cable and mobile services provider based in Luxembourg, prevailed this month in a bidding war for SFR in a deal worth up to €17 billion. Altice plans to merge SFR and Numericable after the acquisition. The amount Numericable raised in a high-yield bond offering was about €2 billion more than originally expected. It also successfully priced about €4 billion in term loans to help finance the SFR deal. The offering, which is being managed by JPMorgan Chase, Deutsche Bank and Goldman Sachs, far outpaced a $6.5 billion junk bond sale by the mobile provider Sprint Nextel last year, the largest high-yield offering on record, according to Dealogic…more

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