Altice France — The Great Designation (of unrestricted subsidiaries)


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Altice France — The Great Designation (of unrestricted subsidiaries)

Oliva Mantock's avatar
Chris Osborne's avatar
Nathan Mitchell's avatar
  1. Oliva Mantock
  2. +Chris Osborne
  3. + 1 more
11 min read

In this piece, we take a look at some of the subsidiaries that Altice France has designated as unrestricted in the past, how much capacity the company might have to designate current restricted subsidiaries as unrestricted in the future (which could be well north of €10bn), and why the J.Crew blocker isn’t necessarily a blocker to transactions like Altice Media. We also consider why Altice France might want to take out the 2027 SSNs to maximise flexibility under the docs and whether Altice International could use the same designation tactic to move assets out of its restricted group and how it may have a similarly large amount of built up capacity (more than €9bn).

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