Orange Switzerland plans CHF 2.01 billion equivalent dual-currency, multi-tranche notes offering

By Paul A. Harris

Portland, Ore., April 13 – Orange Switzerland SA plans to sell CHF 2,014,000,000 equivalent notes in a four-tranche, dual-currency deal expected to price in the early to middle part of the present week, according to an investor.

A roadshow got underway on Monday and is scheduled to wrap up on Wednesday.

Matterhorn Telecom SA, a special purpose vehicle, is selling CHF 1,712,000,000 equivalent of seven-year senior secured notes. The secured notes are coming in tranches of CHF 750 million and €445 million of fixed-rate notes, which come with three years of call protection, and €480 million of floating-rate notes, which come with one year of call protection.

Matterhorn Telecom Holding SA, the ultimate parent of Orange, is selling €290 million of eight-year senior unsecured notes, which come with three years of call protection.

Global coordinator Credit Suisse will bill and deliver for the Rule 144A and Regulation S offering.

BNP Paribas, JPMorgan, SC CIB, Goldman Sachs and Natixis are joint bookrunners.

The telecommunications company, which has headquarters in Luxembourg, plans to use the proceeds, together with cash on its balance sheet, to redeem in full all the existing notes issued by various entities of the Matterhorn group, terminate or amend existing hedging obligations, and make a distribution to the Matterhorn group’s shareholder.

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