Altice International has refinanced over €500m ($586m) of debt at its holding company level with backing from Elliott Investment Management, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The move was part of a broader strategy by Patrick Drahi’s telecommunications group to manage its complex liability structure.
The new funds were used to repay a prior loan with a relationship bank, which in turn allowed Altice to reposition some assets out of creditors’ reach—a move that would have been more difficult under the terms of the previous financing.
This refinancing highlights the increasingly intricate liability-management strategies employed by Altice, as rising interest rates and tighter margins put pressure on the group. Last month, the company transferred its Portuguese and Dominican Republic businesses to a separate entity, enabling it to raise €750 million in new debt backed by the Portuguese assets. Special situations fund Fidera Ltd. was among the lenders on that transaction.
The new liquidity is intended to support general working capital and upcoming debt payments, providing management breathing room as it explores strategic options, including potential asset sales. Altice has also indicated it has freed up capacity to take on an additional €2bn of financing.
