...January 12, 2024 PARIS (S&P Global Ratings) Jan. 12, 2024--French telecom operator Altice France S.A.'s (B-/Stable/--) 350 million senior secured note issuance, which targets the partial refinancing of an equivalent of 1.05 billion in senior secured notes that will mature in January and February 2025, does not materially weaken the company's credit metrics. Instead, it supports Altice France's adequate liquidity profile. Considering Altice France's debt maturities in January and February 2025, we do not expect this transaction will increase the company's gross debt. Even though the new debt, which carries a higher margin, will impair Altice France's interest coverage ratio, we forecast the ratio will remain comfortably above 2.0x pro forma the refinancing. This--in combination with proceeds resulting from the sale of Altice France's data center, available cash, and availability under the revolving credit facility--means that the company will have adequate liquidity through the first quarter...
