FILE PHOTO: An advertising board is seen during the first demonstration of the technology 5G in Lisbon, Portugal June 4, 2018. REUTERS/Rafael Marchante

PARIS (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.

Reporting by Sudip Kar-Gupta, editing by Louise