Patrick Drahi is due to meet with investors in London and New York this week to address how his telecommunications empire Altice will reduce its debt as it wrestles with the fallout from a corruption probe in Portugal.
(Bloomberg) — Patrick Drahi is due to meet with investors in London and New York this week to address how his telecommunications empire Altice will reduce its debt as it wrestles with the fallout from a corruption probe in Portugal.
The French-Israeli tycoon will hold meetings in London on Wednesday and in New York on Thursday, the company confirmed. The non-deal roadshows come after calls with debt investors in August, when he promised to do “whatever it takes” to de-lever and strengthen the capital structure of his group.
He is reaching out to investors after Portuguese authorities announced a criminal investigation involving Altice’s local unit in July that has embroiled key figures linked to the company.
Drahi is seeking to reassure debt investors, some of whom were spooked by the probe, prompting a decline in bonds. In August, Drahi outlined options including selling assets, contributing shareholder equity and buying back some of the bonds at a discount.
Altice had hoped to sell its data center portfolio in France this summer, but the process has been extended due to the Portuguese probe, the company said.
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