Altice Europe — Altice International — Debt Investor Presentation (July 2015)
13 slides from Altice Europe's debt investor presentation, Jul 15, 2015
Slide 1: Altice International €450m Term Loan Issuance
Altice International €450m Term Loan Issuance Presentation to Lenders July 2015 1
Slide 2: Disclaimer
DISCLAIMER The information contained in this document is not, and should not be viewed as, a description of Altice International S.a.r.l (“Altice International”), PT Portugal S.G.P.S., S.A. (“PT Portugal”) or any of their respective parent entities, subsidiaries or affiliates referred to herein (col
Slide 3: Executive Summary
EXECUTIVE SUMMARY Altice International (“AI”), a wholly-owned subsidiary of Altice SA, is seeking to raise a €450m term loan to refinance drawings under its revolving credit facilities The leverage-neutral transaction would strengthen AI’s liquidity profile and extend the average maturity of its
Slide 4: Transaction Overview / Current Trading Update
1 TRANSACTION OVERVIEW 2 CURRENT TRADING UPDATE 4
Slide 5: Transaction Overview: Sources and Uses, Pro Forma Capital Structure
TRANSACTION OVERVIEW Sources and uses Sources €m Uses €m New TL B 450 Repayment of drawn RCFs 436 Cash to balance sheet 8 Transaction fees and expenses 6 Total 450 Total 450 AI PF capital structure – PF for €450m TL B issuance Current PF Adj. EURm1 EURm xEBITDA2 Coupon / Margin Maturity Cash (160) (
Slide 6: Summary Proposed Term Sheet: New €450m Term Loan B
SUMMARY PROPOSED TERM SHEET NEW €450M TERM LOAN B Borrower Altice Financing S.A. Facility: Term Loan B Tenor: 7 years (2022) Use of proceeds: Refinance RCF borrowings and general corporate purposes Currency: EUR Size: €450m Margin: 3.50-3.75% Base rate: Euribor (100bps floor) Issue price: 99.5 Corpo
Slide 7: Corporate Structure
CORPORATE STRUCTURE €1.0bn eq. Existing Senior Notes (pre PT) Altice International 100% €340m eq. PT Altice Finco Senior Notes 100% 100% 100% €2,321m eq. PT Overseas 100% Israel Western Europe Senior Secured Territories notes New €450m Altice Financing Term Loan 100% 84% 97% 100% €842m eq. PT Term L
Slide 8: Proposed Transaction Timetable
PROPOSED TRANSACTION TIMETABLE July 2015 M T W T F S S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Indicative timeline of events Date Action / Highlight July 14th Transaction launch July 15th Lenders’ presentation call July 22nd Commitments due July 23rd Alloc
Slide 9: Transaction Overview / Current Trading Update
1 TRANSACTION OVERVIEW 2 CURRENT TRADING UPDATE 9
Slide 10: PT Portugal KPIs
PT PORTUGAL KPIs RGUs (’000s) ARPU (€/month) 2012–2014 Y-o-Y 2.04x 2.11x 2.24x CAGR 2.14x 2.27x Growth 3 841 3 830 3 953 1.4% 3 848 3 959 2.9% 1 135 1 157 1 231 4.1% 1 168 1 239 6.1% 33,0 32,2 32,1 Residential / 31,6 31,6 1 015 1 027 1 095 3.9% 1 042 1 105 6.0% Cable 1 692 1 646 1 627 (1.9)% 1 638 1
Slide 11: PT Portugal Historical Financials
PT PORTUGAL HISTORICAL FINANCIALS Revenue (€m) Adjusted EBITDA (€m)2 2012-2014 CAGR1 Y-o-Y growth 2 769 2 627 2 533 (4.4%) 626 (5.4%) 1,128 69 67 593 405 393 163 35 (18.2%) (26) 1,026 327 78 28 964 76 (24) 896 (3.1%) 1,102 (30) 251 796 716 185 1,002 235 175 (7) (6) (5.5%) 934 688 662 627 150 137 244
Slide 12: Altice International Pro Forma Financial Profile
ALTICE INTERNATIONAL PRO FORMA FINANCIAL PROFILE Altice International PT Portugal Pro forma1 €m 2014 Mar-15 LTM 2014 Mar-15 LTM 2014 Mar-15 LTM Revenues 2,028 2,053 2,533 2,499 4,561 4,552 Adj. EBITDA 936 971 934 920 1,970 1,991 % Margin 46.2% 47.3% 36.9% 36.8% 43.2% 43.7% Capex 424 464 398 359 782
Slide 13: Adjusted EBITDA Reconciliation and Leverage
ADJUSTED EBITDA RECONCILIATION AND LEVERAGE €m Mar 15 LTM Net Leverage Altice International EBITDA 971 PT Portugal EBITDA1 920 International Altice International PF EBITDA 1,891 PT Portugal Synergies 100 International Pro Forma Adjusted EBITDA 1,991 3.9x Source: Company information 1 PT Portugal EBI
Altice International — Debt Investor Presentation (July 2015) on 6ix