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Telecom | Maxis - Chris Hoare Maxis reported a strong quarter as Enterprise accelerated. Mobile performance was better than CelcomDigi despite the ongoing ARPU pressure in this space. FY24 guidance was also mixed, with service revenue in line with expectations while EBITDA guide was softer. For the full year, the company had also announced RM 16sen/share in dividends. Our thoughts in this report. Read full story here: https://buff.ly/48xMYA2 For more information on our #telecom #mobile product, and other Aletheia Capital research, please contact info@aletheia-capital.com #investments #advisory #ideas #fintech #InYourCorner

Atlas Investissement, a specialist investment vehicle focused on the telecoms sector, offered to acquire the remaining 70.8% stake in Millicom (Tigo) International Cellular, a provider of fixed and mobile telecommunications services dedicated to markets in Latin America, for $8.9bn. "The offers allow all Millicom Shareholders to benefit from full cash liquidity at an attractive price in an environment where Atlas believes that liquidity has been weak for holders of SDRs and Common Shares," Atlas Investissement. Millicom International Cellular (led by Mauricio Ramos) is advised by Goldman Sachs, Morgan Stanley, Advokatfirman Lindahl, Davis Polk & Wardwell LLP and Nord Advokater. Atlas (led by Xavier Niel) is advised by BNP Paribas, Crédit Agricole CIB, Handelsbanken Capital Markets, J.P. Morgan, Lazard, Societe Generale, Arendt & Medernach, Roschier and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates. #MergersAcquisitionsDivestiture #PrivateEquity #Telecommunication

Telecom | Protelindo - Chris Hoare Protelindo reported a slower set of results as it lapped last year’s acquisition of Alita’s FTTT assets. Revenue and EBITDA missed expectations by 1% and 3% respectively. Still, contribution from FTTT and FTTH helped offset the decline in Tower revenue, which has been easing. Margins were under some pressure this quarter, although cost pressure remains under control as a whole as full year margin is still kept at 85%. Protelindo’s exposure to FTTT is proving worthwhile and given industry’s shift towards fixed-mobile convergence, we believe Protelindo stands to benefit. Read full story here: https://buff.ly/49sVX6g For more information on our #telecom #mobile product, and other Aletheia Capital research, please contact info@aletheia-capital.com #investments #advisory #ideas #fintech #InYourCorner

Telecom | SK Telecom - Chris Hoare Topline came in better than expected, supported by a better mobile performance from higher roaming users well as sustained performance from SK Broadband. EBITDA was relatively in line, while net profit beat on expectations this quarter (12% ahead), helped by other income from its investment assets. Read full story here: https://buff.ly/3K7apGJ For more information on our #telecom #mobile product, and other Aletheia Capital research, please contact info@aletheia-capital.com #investments #advisory #ideas #fintech #InYourCorner

🚨 According to 9fin calculations, Altice France could have more than €10bn of capacity to designate unrestricted subsidiaries / leak value from the credit group. 😲 Altice International could have more than €9bn. Those are pretty big bargaining chips! 🧠 Covenant capacity calculations are notoriously tricky, and the Altice Group cap stack is massive and complex. Luckily we have some of the best legal, and credit brains in the world helping subscribers navigate this massive situation. 👇 Request our most recent analysis for FREE from our global legal team below. https://lnkd.in/eMMA9DZE p.s. 🙌 With Altice, Ardagh, Intrum, Thames Water all kicking off simultaneously there's no better time to take a 9fin trial #LevFin #HighYield #DistressedDebt #Altice #Restructuring

Join Andrew Ewe, Vice President at Cordiant Digital Infrastructure; Marie Dowlatyari, Investment Vice President at Infranity; and José Luis San Martín, Chief Executive Officer at F&W Networks, along with Charles Murray and Alessandro Ravagnolo from Analysys Mason, as they discuss: - the recent evolution of investment in digital infrastructure - the challenges infracos face in generating cash flow during periods of high interest rates - strategies for ensuring the next wave of financing is successful Register for the webinar here: https://bit.ly/40H039Q #DigitalInfrastructure #Infraco #Financing

Astounding that Altice France’s capacity to designate current restricted subsidiaries as unrestricted subs could be over €10bn. That's over 50% of the collateral coverage for the senior secured debt. It is even more astonishing CLO investors were so trusting of owner Patrick Drahi’s narrative prior to that fateful Wednesday conference call. Investors are being asked to write-off €7bn plus of debt (down to 4x leverage), otherwise he won’t contribute asset sale proceeds to pay them down. My personal opinion is that this is the wake-up call that European LevFin desperately needed. The most important market development in a decade, for its largest borrower, showing the extent that loose docs can be exploited by owners and sponsors. Another Vivarte moment. Almost 10-years on from the fateful bank meeting, where the French retailer announced the appointment of a mandat and suspension of interest. Its loans dropped 30 points in minutes. Altice’s junior debt is now trading in the mid-to-high 20s (price not yield!) and its longer-dated secured debt in the 70s. The ratings agencies have downgraded to CCC, putting further pressure on CLOs to sell. Drahi is seeking to pit investors against each other, withholding valuable assets as negotiating currency. It is impressive that senior secured lenders have organised so quickly, and they are talking a good game. But can they hold the line, after all a lot of debt has traded out into spec sits funds and there is plenty of room to pitch drop-down financings, and seek to elevate themselves at the expense of others. My view is that more creditor groups will emerge. This will be the first real example of creditor-on-creditor violence in Europe, with a series of coercive and creative exchanges on the way to test par lenders. The French process threat is still some way off, and has risks for Drahi if he seeks to pursue, with no immediate trigger.

Altice France has a mountain to climb to reach its revised target of reducing net leverage to below 4x. While the company’s €4 billion plus of expected sale proceeds provides it with options, the path to the revised target is not clearcut. Given shareholders and creditors will both likely look to options that avoid any court process first, we explore scenarios from the least to most invasive across potential transactions - covering areas from discounted tender offers and ‘push down’ LMEs to more invasive debt-for-equity swaps and where they would ultimately leave the group’s leverage as well as creditors' recoveries. Nikhil Varsani Robert Schach Read more: https://ow.ly/YncK50RnPK8 #restructuring

🌲 Tele Columbus AG Secures €300 Million for Fiber Optic Expansion! 🌲 Tele Columbus AG has finalized a €300 million refinancing deal to accelerate its transformation towards fiber optic networks, reinforcing its commitment to providing cutting-edge connectivity solutions. This significant investment showcases the steadfast confidence of investors in Tele Columbus' future trajectory. Markus Oswald, CEO of #TeleColumbus, expressed his enthusiasm about the successful transaction, emphasizing its pivotal role in bolstering the company's fiber optic strategy. Oswald affirmed, "The successful transaction underlines the strong confidence of our investors in our future. Strengthened by this important conclusion, we will push forward our fiber optic strategy even more intensively in close cooperation with our partners from the housing industry." Moreover, the agreement with Tele Columbus' main shareholder, Morgan Stanley Infrastructure Partners, includes an extension of key financial arrangements, ensuring stability and support for the company's growth ambitions. This extension encompasses a €462 million loan (SFA) and a €650 million bond (SSN), both extended until January 2029. Tele Columbus' relentless pursuit of innovation and expansion underscores its commitment to enhancing connectivity infrastructure and delivering superior services to its customers. In what ways do you foresee Tele Columbus' fiber optic expansion impacting the future of telecommunications and connectivity solutions? #Telecommunications #FiberOptics #ConnectivityExpansion #Glasfaser

Following on from CreditSights continued 360 coverage on Altice across our Research, Legal & News services (see post below), our Covenant Review team have published a FAQ report answering key questions, including: (1) What debt can be repaid under the Asset Sales covenants (2) How the Company can use URS to avoid the asset sales covenants (3) Summaries of investment and dividend capacity (4) An overview of voting thresholds under the bonds for consent solicitations Subscribers can find the article here: https://lnkd.in/erbS8kwJ Not a client? You can request a trial through the link in my bio...