| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Orange > News item |
Orange Switzerland sets tranche sizes, talk in CHF 2 billion equivalent four-part notes offer
By Paul A. Harris
Portland, Ore., April 15 Orange Switzerland SA set tranche sizes and price talk in its CHF 2.01 billion equivalent four-tranche, dual-currency notes offering, according to a market source.
The final structure saw a massive upsizing of the euro-denominated tranche of fixed-rate secured notes, while all other tranches were downsized.
The secured notes are in the market via special purpose vehicle Matterhorn Telecom SA.
The upsized 1 billion tranche of seven-year fixed-rate senior secured notes is talked to yield 3 7/8%. The tranche was upsized from 445 million.
A downsized CHF 450 million tranche of seven-year fixed-rate senior secured notes is talked to yield 3 5/8%. The tranche was downsized from CHF 750 million.
The fixed-rate secured notes come with three years of call protection.
A downsized 265 million tranche of seven-year senior secured floating-rate notes is talked at a 375 basis points spread to Euribor. The floating-rate tranche was downsized from 480 million. The notes come with one year of call protection.
The sole unsecured tranche is in the market via Matterhorn Telecom Holding SA, the ultimate parent of Orange.
The downsized 250 million tranche of eight-year senior unsecured notes is talked at 4 7/8%. The unsecured tranche was downsized from 290 million. The notes come with three years of call protection.
The deal is set to price Wednesday.
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 entities of the Matterhorn group, terminate or amend existing hedging obligations, and make a distribution to the Matterhorn groups shareholder.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.