Arendt advises an ad hoc group of creditors in Altice France’s landmark €24 billion financial restructuring — one of the most significant in Europe in recent years

Experts involved in the Deal:

Arendt & Medernach SA, alongside Milbank LLP and Willkie Farr & Gallagher LLP, advised the ad hoc group of creditors of Altice France Holding S.A. (AFH S.A.), a Luxembourg issuer, on all Luxembourg law aspects of the successful €24 billion cross-border restructuring of Altice France (the “Company”).

The Company has reached a landmark agreement with a group of holders of its term loans and senior secured notes (the “Altice France Secured Debt”), alongside an agreement on AFH S.A.’s senior debt with certain noteholders at the parent level (the “AFH S.A. Senior Debt”) (the “Transaction”).

Key Highlights of the Restructuring:

• €8.6 billion debt reduction – Upon completion, the Transaction will eliminate approximately €8.6 billion in term debt, reducing consolidated net debt to €15.5 billion.
• Extended debt maturities – The restructuring extends the Company’s debt runway to 2028/2033, with the weighted average maturity increasing from 3.1 to 6.1 years.
• New equity distribution – Creditors in the Altice France Secured Debt will receive 31% of common equity, while AFH S.A. creditors will hold 14%, with existing shareholders retaining 55%.
• Strong creditor backing – The restructuring has received unanimous support from the steering committees of both Altice France S.A. and AFH S.A. creditors.