Altice USA launches IPO, to raise around USD 1.35 bln

Nieuws Breedband Verenigde Staten 12 JUN 2017
Altice USA launches IPO, to raise around USD 1.35 bln

Altice USA has launched its initial public offering of 46.5 million shares. The IPO is expected to be priced at USD 27.00-31.00 per share, according to a SEC filing. The underwriters also have a greenshoe of almost 5.2 million more shares. 

At the mid-point of the price range, the company would raise around USD 1.35 billion before costs. Of the stock included in the offering, about 12 million shares will be offered by Altice USA, 20.9 million by funds advised by BC Partners and 13.5 million by entities affiliated with the Canada Pension Plan Investment Board (CPPIB). 

Altice first announced last December it was considering an IPO for its US operations, which include the cable operators Suddenlink and Cablevision (Optimum). The company made an initial filing for the listing in April, which shows that it will maintain control of the subsidiary after the IPO. The listing is expected to offer the American subsidiary a new way to finance its operations and to refinance some of the debt taken out in the company's creation. 

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