Altice France Holding S.A.

Event Publicly Available Information:

The Eligible Market Participant that submitted the DC Question has asked that the DC consider whether a Failure to Pay Credit Event has occurred with respect to the Reference Entity in relation to the bond having ISIN XS2138128314 (8% coupon, maturity date 15 May 2027)?

The Eligible Market Participant noted that the coupon was due on 15 May 2025 (see the information available on the listing information link and the information relating to coupon terms link below). The Eligible Market Participant noted that the Reference Entity had previously noted in a press release that as part of an agreed restructuring plan, creditors will receive accrued interest through 31 March 2025 only.

The Eligible Market Participant that raised the DC question also included a statement from S&P that the coupon was not paid on the due date.

Press release
Listing information
Information relating to coupon terms

S&P Article

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Additional Information

Issue Number:

2025061806

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  EMEA DC Meeting Statement – 2 July 2025
  DC Decision
  As the Relevant Transaction 300/5 Criteria were not satisfied in respect of 2014 Transactions in respect of Altice France Holding S.A. (the Reference Entity), the EMEA DC determined whether or not an Auction should be held to settle 2014 Transactions in respect of the Reference Entity.
  The EMEA DC determined that no Auction will be held to settle 2014 Transactions relating to the Reference Entity and accordingly no Transaction Auction Settlement Terms will be published.
  2 July 2025 (being the date the decision was announced by the DC Secretary) is the “No Auction Announcement Date” for the purposes of Section 6.11 of the 2014 Definitions.
  In relation to Physical Settlement, under Section 8.10(b)(i) of the 2014 Definitions for Standard European Corporate Transactions in respect of the Reference Entity, the NOPS Cut-off Date is 1 August 2025.
  7/02/2025 09:10am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 25 June 2025
  EMEA DC Decision
  The EMEA DC met on 25 June 2025 to discuss whether a Failure to Pay Credit Event had occurred with respect to Altice France Holding S.A. (the Reference Entity) due to the non-payment of interest on the Senior Notes due 2027 issued by the Reference Entity (the Senior Notes). The EMEA DC makes its determinations based on public information (or information that can be made public) and information that is submitted to the DC Secretary must comply with Section 2.1(c) of the DC Rules. The EMEA DC considered the announcement dated February 26, 2025 published on the website of Altice France group stating that under the proposed restructuring creditors of the Reference Entity would receive “accrued interest through March 31, 2025” (i.e. interest after March 31, 2025 would not be paid).
  As discussed in the EMEA DC Meeting Statement in relation to Norske Skog [Link to Meeting Statement], the EMEA DC drew a distinction between (i) the DC being in possession of Publicly Available Information (which is required for the purposes of the DC commencing its deliberations on a Credit Event question and determining the related Credit Event Resolution Request Date); and (ii) the DC being in possession of sufficient public information (or information that can be made public) to make a determination on the Credit Event question itself. Accordingly, the EMEA DC was of the view that the announcement dated February 26, 2025 was good Publicly Available Information as it set out some of the prospective facts which are relevant to the determination of a Failure to Pay Credit Event (i.e. that accrued interest through March 31, 2025 would be paid and therefore interest after that date would not). The EMEA DC also considered other public information in respect of the DC Question. This included (i) the S&P Global article dated 16 May 2025 confirming that the interest was not paid on the due date of 15 May 2025; (ii) a copy of a notice to the holders of the Senior Notes from the Reference Entity dated 14 May 2025 available on 9fin [Link to notice] stating that interest would not be paid on future interest payment dates in reliance on the provisions of the framework agreement entered into by the Reference Entity; and (iii) a copy of the offering memorandum of YPSO Finance Bis S.A. dated January 24, 2020 which includes a description of the terms of the Senior Notes.
  The EMEA DC also noted that Altice France S.A.’s announcement dated 10 June 2025 which provided that the closing of the refinancing transaction (which is described in such notice as being supported by Altice France Holding S.A.’s creditors) is expected in October 2025. On the basis of such public information including the fact that implementation of the refinancing transaction is on-going and the Reference Entity’s announcement to holders of the Senior Notes stating directly that it did not intend to pay any further coupons, the EMEA DC concluded that a Failure to Pay Credit Event occurred due to the non-payment of interest and such Failure to Pay Credit Event occurred on 14 June 2025 (being the expiry of the Grace Period).
  [Meeting Statement added at 16:30 BST on 26 June 2025.]
  6/26/2025 11:00am EDT
- Ongoing
  
  Meeting Statement – 24 June 2025
  DC Decision
  The EMEA DC met on 24 June 2025 to continue deliberations in respect of the DC Question relating to Altice France Holding S.A. . The EMEA DC is further considering the public information available in respect of the DC Question and agreed to meet again on 25 June 2025 to continue its discussions.
  6/24/2025 09:05pm EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 23 June 2025
  The EMEA DC met on 20 June 2025 to discuss the DC Question in respect of Altice France Holding S.A.
  The EMEA DC will meet again on 24 June 2025 to continue discussions. The EMEA DC is also seeking confirmation that the payment was not made during the grace period.
  6/23/2025 10:05am EDT
- Request Accepted by DC
  
  6/18/2025 01:10pm EDT
- Pending DC Consent
  
  6/18/2025 10:50am EDT