We study a multimode semiconductor laser subject to a moderate optical feedback. The steady state is destabilized by either a simple Hopf bifurcation leading to in phase dynamics or by a degenerate Hopf bifurcation leading to antiphase dynamics. The degenerate bifurcation is also a source of multiple coexisting attractors. We show that a simple interpretation of the low frequency fluctuations in the multimode regime is provided by a chaotic itinerancy among the many coexisting unstable attractors produced by the degenerate Hopf bifurcation. PACS numbers: 42.55.Px, 42.60.Mi Semiconductor lasers are prone to instabilities when subjected to an optical feedback. In most applications, the optical feedback is difficult to avoid and may lead to a loss of useful properties. An example is the occurrence of low frequency fluctuations (LFF) which are observed near the lasing threshold. This phenomenon is characterized by intensity dropouts with an average time between dropouts much longer than either relaxation oscillation periods or mode beating characteristic times. The LFF regime has been observed experimentally first using a bandwidth limited detector [1], and recently confirmed by means of high bandwidth streak camera experiments [2]. The modelization of this behavior is difficult because the characteristic time scales involved in the laser dynamics are too short to allow a direct detection by electronic means. Noise-driven models have been proposed to describe the LFF effect [3]. A deterministic approach, based on the single mode Lang-Kobayashi (LK) equations [4], was proposed in [5] to explain the LFF as a chaotic itinerancy with a drift [6]. Recently, there have been strong indications that the LFF need not be irregular: the laser can produce a train of equally spaced pulses [7]. Most studies of the LFF have been limited so far to single mode models. However, recent experiments have demonstrated the growing importance of a multimode operation in the LFF regime [8]. A key result for the modelization is the experimental evidence that the dynamics of the modal intensities can be antiphased: the characteristic nonoptical frequencies are still controlled by the external cavity round-trip time, but the oscillation phases differ from mode to mode [9]. A phenomenological multimode model has recently been proposed in [10]. It describes a multimode operation, but in the time-dependent regime the modes are always in phase. The goal of this Letter is to introduce a multimode extension of the LK model which accounts for the possibility of antiphase dynamics. We achieve this goal by taking into account the grating associated with a Fabry-Perot configuration. This model is able to describe both the in phase and the out of phase dynamics which are observed experimentally. It predicts two possible instabilities for the steady states: a standard self-pulsing instability where all modes are in phase, and a new ͑N 2 1͒-degenerate Hopf bifurcation where N is the number of lasing modes. Depending on the experimental conditions, eithe...