News
Cable group and its partners to float 63.9 million shares on NYSE today.
Altice this week priced the initial public offering of its U.S. arm at $30 (€26.87) per share, the high end of its range.
In total, 63.94 million Altice USA shares will float on the New York Stock Exchange later today – more than the 46.55 million announced earlier this month – meaning the IPO will raise around $1.92 billion.
Altice USA is still offering the same number of shares – approximately 12.07 million – but the number of shares offered by investment and pension funds has been increased, as has the number of shares granted as an option to underwriters. The shares will list under the ‘ATUS’ symbol.
Three classes of Altice USA common stock will go on the block: A, B, and C. Class A shares carry a single voting right, while Class B shares each have 25 voting rights. Class C shares are non-voting.
When the dust settles, Altice will own 70.3% of Altice USA’s issued and outstanding stock, giving it voting power of 98.3%.
Altice expects to receive net proceeds of $330.95 million, based on a share price of $29 – the middle of its indicative range. It plans to use the funds to redeem some of the $2 billion in senior notes owed by its Cablevision unit.
