By Paul A. Harris
Portland, Ore., April 15 Orange Switzerland SA priced a CHF 2.01 billion equivalent four-tranche, dual-currency notes transaction on Wednesday, 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.
Three secured tranches were issued via special purpose vehicle Matterhorn Telecom SA.
An upsized 1 billion tranche of seven-year fixed-rate senior secured notes priced at par 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 priced at par to yield 3 5/8%. The tranche was downsized from CHF 750 million.
A downsized 265 million tranche of seven-year senior secured floating-rate notes priced at par to yield three-month Euribor plus 375 basis points. 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.
A downsized 250 million tranche of eight-year senior unsecured notes priced at par to yield 4 7/8%. The unsecured tranche was downsized from 290 million.
The notes in all four tranches priced on top of price talk.
Global coordinator Credit Suisse will bill and deliver. BNP Paribas, JPMorgan, SC CIB, Goldman Sachs and Natixis were 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.
| Company: | Orange Switzerland SA
|
| Amount: | CHF 2.01 billion equivalent
|
| Global coordinator: | Credit Suisse (bill and deliver)
|
| Joint bookrunners: | BNP Paribas, JPMorgan, SG CIB, Goldman Sachs, Natixis
|
| Trade date: | April 15
|
| Settlement date: | April 23
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Swiss franc-denominated secured fixed-rate notes
|
| Issuer: | Matterhorn Telecom SA
|
| Amount: | CHF 450 million, decreased from CHF 750 million
|
| Maturity: | May 1, 2022
|
| Coupon: | 3 5/8%
|
| Price: | Par
|
| Yield: | 3 5/8%
|
| Spread: | 333 bps
|
| First call: | May 1, 2018 at 101.813
|
| Price talk: | 3 5/8%
|
|
|
| Euro-denominated secured fixed-rate notes
|
| Issuer: | Matterhorn Telecom SA
|
| Amount: | 1 billion, increased from 445 million
|
| Maturity: | May 1, 2022
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Spread: | 380 bps
|
| First call: | May 1, 2018 at 101.938
|
| Price talk: | 3 7/8%
|
|
|
| Secured floating-rate notes
|
| Issuer: | Matterhorn Telecom SA
|
| Amount: | 265 million, decreased from 480 million
|
| Maturity: | May 1, 2022
|
| Coupon: | Three-month Euribor plus 375 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 375 bps
|
| First call: | May 1, 2016 at 101
|
| Price talk: | Euribor plus 375 bps
|
|
|
| Unsecured notes
|
| Issuer: | Matterhorn Telecom Holding SA
|
| Amount: | 250 million, 480 million
|
| Maturity: | May 1, 2023
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 484 bps
|
| First call: | May 1, 2018 at 102.438
|
| Price talk: | 4 7/8%
|
© 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.
