...PARIS (S&P Global Ratings) Jan. 24, 2023--S&P Global Ratings today said that French telecom operator Altice France S.A.'s (B/Negative/--) amend and extend transaction targeting the refinancing and maturity extension of its Euro-equivalent 7.96 billion senior secured term loan maturing in 2025 and 2026 does not materially weaken its credit metrics while underpinning its adequate liquidity profile. For this transaction, we do not expect any increase in the company's gross debt, and transaction fees will be paid with cash on the balance sheet. However, new debt will be borrowed at a higher margin, which will hamper Altice France's interest coverage ratio, although we forecast the ratio remaining at a comfortable 3.0x pro forma the refinancing. Finally, the company is extending, well in advance, the maturity of its term loans and revolving credit facility by two-to-three years to 2028, which proactively strengthens the group's liquidity profile. Both existing and proposed senior secured debt...
