S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Altice Completed Debt and Equity Issues to Fund Cablevision Purchase


Author: Nigel Thomas
ticker.com
Last Update: 12:49 PM ET October 01 2015

4:00 PM Frankfurt – Altice raised $2 billion in an equity offering and $8.6 billion in debt offering to finance the purchase of Cablevision. Repsol sell part of its piped gas business. Tullow managed to retain its credit facility of £2.4 billion.

In London trading, FTSE 100 index gained 25.80 or 0.4% to 6,086.35 and in Frankfurt the DAX index fell 91.93 or 0.9% to 9,570.86.

In Paris, CAC 40 index slid 6.65 or 0.2% to 4,449.36.

Altice NV declined 7.2% to €17.36 after the Netherlands-based cable and phone services provider launched a 10% capital raising for about €1.8 billion or $2 billion worth of new equity capital issuing up to 69,997,600 of its A shares and up to 24,832,500 of its B shares.

Net proceeds of the issue will be used to finance the acquisition of Cablevision Systems Corp.

The company also raised $8.6 billion of new debt to finance the purchase of Cablevision in a $17.7 billion deal to create the fourth-largest cable operator in the U.S.

The Cablevision related debt was financed at 7.6% average interest rate with the average debt tenure of 7.9 years.

Total company debt is $14.5 billion with the average maturity of 6.7 years and average interest rate of 7.5%.

Repsol SA jumped 4.3% to €10.86 after the Spain-based energy producer said it divested part of its piped gas business to Gas Natural Distribution and Redexis Gas for about €651.5 million or $728 million.

The transaction is expected to close in first-quarter of 2016.

Tullow Oil Plc surged 10.5% to 186.90 pence after the banks showed their faith in the U.K.-based oil and gas explorer and agreed to maintain the company’s credit facility at £2.4 billion or $3.7 billion.

Technip soared 4.6% to €44.10 after the France-based engineering and construction group secured contract by ENI S.p.A. to supply umbilicals to the Block 15/06 East Hub Development in an Angola controlled offshore field and scheduled to be completed in the second-half of 2016.

Trifast Plc jumped 3.6% to 112.44 pence after the U.K.-based industrial fastenings maker agreed to acquire Germany-based rival Kuhlmann Befestigungselemente GmbH & Co. KG for a total consideration of €8.50 million or £6.16 million.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc