Toekomstbeeld schreef op 4 december 2017 17:59:
Goldman Sachs tried to cut its debt exposure to Altice
US bank approached several funds in attempt to sell part of a loan made to French group
Robert Smith in London and Harriet Agnew in Paris
5 HOURS AGO 0
Goldman Sachs has tried to cut its debt exposure to Altice, the French telecoms and cable group whose share price has more than halved in the past month, in the latest sign of nervousness about the company’s €51bn debt pile.
Goldman Sachs has been one of the biggest lenders to Altice and its founder, Patrick Drahi, over the past five years, providing the Franco-Israeli billionaire’s private investment vehicles with margin loans and other debt facilities in the run-up to the group’s initial public offering in 2014. The US bank has also been one of the main beneficiaries of investment banking fees paid out by Altice in the past few years as it embarked on an acquisition spree in France, Portugal and the ....
This collar facility is still outstanding, meaning that Goldman Sachs is exposed to a fall in the share price, which has fuelled concerns that it could force the bank to sell Altice shares. Altice said that this speculation is “unfounded”, however, as under the facility the US bank has in fact been a “natural buyer as the shares have traded lower”.
Altice Luxembourg’s bonds on Monday fell to their lowest prices since July 2016, with its euro bond maturing in 2025 falling to as low as 91.5 cents on the euro. Bond yields rise as prices fall and this €750m bond is now yielding nearly 8 per cent.
www.ft.com/content/c13313b2-d5f9-11e7...Hmm dit is het FT artcle: jouw stukje over bond yields is niet origineel..