Drahi’s Altice Says Creditors Must Take Cuts to Reach Targets

Executives at billionaire Patrick Drahi’s Altice set more aggressive leverage targets and said its creditors will be on the hook to help the embattled French telecommunications company meet them, triggering a plunge in its bonds.

Altice France is looking to reduce its leverage below 4-times earnings before interest, taxes, depreciation, and amortization, the group’s executives said in call with analysts on Wednesday. Previously, the company said it was targeting 4.5-times earnings.

Patrick Drahi

Photographer: Stephane De Sakutin/AFP/Getty Images

On the call, finance executives including Chief Financial Officer Malo Corbin said debt holders will have to participate in “discounted transactions” to help the company cut leverage. ...