(Bloomberg) -- Bonds issued by Patrick Drahi’s telecoms companies rallied after reports that the billionaire is considering selling off a chunk of one of his flagship businesses in a drive to cut the group’s debt pile. 

The French-Israeli tycoon is mulling the sale of part of the capital of Altice France, as well as options for Portugal Telecom and its ad-tech company Teads, according to a report by Le Monde newspaper on Thursday. A separate media report Wednesday said that the group was also nearing the sale of its French data center business in a deal valued at about €1 billion ($1.1 billion). 

Altice France bonds due in 2029 rose 2.6 cents on the euro to 75.5 cents, set for the largest daily gain since the bonds were issued in 2020, according to data compiled by Bloomberg. Bonds issued by Altice Finco due 2028 also rose 3.6 cents on the euro to 75.5 cents. 

Drahi has pledged to reduce the debt load of his sprawling group of companies, which faces a string of debt maturities in the coming years as well as a surge in its borrowing costs. In a call with investors in London on Wednesday, he pledged to propose different options including an equity raise and business partnerships to help with the deleveraging effort.

As well as Altice France, Drahi’s network also includes Altice International, which operates in markets including Portugal, the Dominican Republic and Israel.

Drahi Says Altice to Unveil Options to Cut Debt Load Soon 

Drahi will also be meet investors in New York on Thursday, part of a tour intended to shore up confidence in his network of businesses battered by a Portuguese corruption probe targeting key figures linked to Altice. Bond prices have recovered since the investigation was unveiled in July as more details emerge of the scope of its impact. 

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