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Altice said it has successfully refinanced over EUR 4 billion worth of SFR and Altice debt in a way that will extend maturity and save money on interest payments, according Telecompaper. Altice has priced for its SFR Group a credit pool of almost EUR 2.9 billion worth of 8.25 year Term Loan B’s. Money raised will be used to refinance SFR’s EUR 697 million and USD 1.781 billion January 2025 Term Loan B's, and to pay back EUR 600 million of commercial paper. 
 
Altice also successfully priced EUR 1.089 billion worth of new 8.25 year Term Loan B's. The money here will be used by Altice to refinance its EUR 300 million and USD 900 million 6.50 percent senior secured notes due January 2022. Altice International has also successfully placed EUR 675 million of 10.25 year senior notes (NC5) with institutional investors, upsizing from the original offering of EUR 500 million started on 5 October. 
 
The closing of Term Loan B transactions will be subject to a number of conditions. 
 
After refinancing, the average maturity of SFR's capital structure has been extended from 6.8 to 7.2 years and the weighted average cost of SFR's debt will remain at 4.7 percent. The average maturity of Altice International's capital structure has been extended from 6.6 to 7.5 years and the weighted average cost of Altice International's debt will decrease from 5.8 percent to 5.5 percent. The refinancing activity will strengthen Altice's liquidity profile and reduce the average cost of debt. The average maturity of Altice Group is now 6.6 years and the weighted average cost of debt will decrease to 5.8 percent (from 5.9 percent previously and from 6.2 percent one year ago). 
 
The EUR 2.884 billion equivalent of new SFR Term Loan B is made up of a loan of USD 2.150 billion at a margin of 300bps over Libor and one loan of EUR 1.0 billion at a margin of 300bps over Euribor. For Altice International, the EUR 1.089 billion equivalent new Term Loan B is made up of a USD 900 million loan at a margin of 275bps over Libor and a EUR 300 million loan at a margin of 275bps over Euribor. The new senior insecured notes will have a coupon of 4.75 percent.