July 18, 2018 / 6:25 AM / 4 months ago

Telecoms and cable group Altice refinances portion of its debts

PARIS, July 18 (Reuters) - Altice Europe has refinanced and extended the maturity of part of its debt, the telecoms and cable group said on Wednesday, as the group seeks to improve its balance sheet and underperforming SFR mobile division.

The company said it had priced and allocated a credit pool of 1 billion euros ($1.2 billion) for Altice France and $1.75 billion of new 8.5-year senior secured notes, raising the initial issue size in response to investor demand.

In the first quarter, French unit SFR showed the first signs of a potential recovery since Altice founder and majority owner Patrick Drahi bought the business in 2014.

$1 = 0.8598 euros Reporting by Sudip Kar-Gupta; Editing by Laurence Frost

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