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PARIS, May 6 (Reuters) - Telecoms and cable company Altice Europe said it had successfully refinanced debt in a deal which would strengthen its financial position and result in cash savings.
The company said it had successfully priced and allocated 2.8 billion euros ($3.1 billion) worth of new 8-year senior bond notes at its Altice Luxembourg SA unit following a well oversubscribed offering.
Altice Europe, which has been selling assets and restructuring to reduce its debt burden, added that total cash savings on a pro forma basis from its debt refinancing deals would exceed 110 million euros annually. ($1 = 0.8936 euros) (Reporting by Sudip Kar-Gupta, editing by Louise Heavens)