Archive · 1 Dec 2025
Altice International Bonds Plunge After Asset Shift
Altice International is a big telecommunications company.
On Friday, they told everyone they moved some of their important assets to different parts of the company that aren't controlled by the people who lent them money.
This means they can borrow more money and pay their debts without asking the lenders.
On Monday, the prices of their bonds dropped a lot because of this news.
The main bonds dropped 9 cents to 66, and the other bonds dropped 16 cents to 19.
The company's founder, Patrick Drahi, seems to be in a strong position, and the lenders have less power to fight back.
The company might also borrow an additional €2 billion to have more money available.
Altice International's bonds saw a record drop on Monday following an asset shift announcement.
The company moved key assets to unrestricted subsidiaries, allowing them to incur debt and sell assets without lender approval.
Euro-denominated first-lien notes due in 2029 dropped 9 cents to 66, while second-lien bonds due in 2028 fell 16 cents to 19.
Altice Portugal raised €750 million in new debt to pay upcoming liabilities and for working capital.
The company may raise an additional €2 billion in debt at the Altice Portugal level to bolster liquidity.
- Who
- Altice International, a telecommunications company founded by Patrick Drahi
- What
- Bonds plunged after the company shifted assets out of the reach of creditors
- When
- Announcement on Friday, bonds dropped on Monday
- Where
- Global markets, with significant impact on Euro-denominated bonds
- Why
- To stabilize finances and bolster liquidity by moving assets to unrestricted subsidiaries
- Company
- Altice International
- Founder
- Patrick Drahi
- Bond Drop
- Record drop on Monday
- Euro-Denominated First-Lien Notes
- Plunged 9 cents to 66
- Second-Lien Bonds
- Fell 16 cents to 19
- Unrestricted Subsidiaries
- Altice Portugal SA and Altice Caribbean Sarl
- New Debt Raised
- €750 million by Altice Portugal
- Potential Additional Debt
- €2 billion at Altice Portugal level