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Orange Switzerland upsizes, restructures, sets price talk on deal
By Paul A. Harris
Portland, Ore., Feb. 2 - Orange Switzerland upsized and restructured its multi-currency, multi-tranche high-yield bond deal on Thursday, according to an informed source.
Dealers also set price talk and moved ahead the timing on the deal, which had originally been introduced into the market as a CHF 550 million equivalent two-part offering.
Matterhorn Mobile SA, a special-purpose vehicle, now plans to issue an upsized CHF 425 million tranche of senior secured notes due May 2019. Those notes, which come with three years of call protection, are talked at 7% to 7¼%. The tranche was upsized from CHF 325 million.
Matterhorn Mobile Holdings SA, another special-purpose vehicle, plans to issue €225 million of senior unsecured notes due February 2020. Those notes, which come with four years of call protection, are talked at 8½% to 8¾%. The sizing of the tranche represents a CHF 50 million increase from the original CHF 225 equivalent size.
Also, a tranche was added to the deal, €150 million of senior secured floating-rate notes, which are talked at three-month Euribor plus 525 to 550 basis points.
The books now close at 6 a.m. ET on Friday. Initially, the roadshow had been expected to continue into the week ahead.
Global coordinator and joint bookrunner Credit Suisse will bill and deliver. Deutsche Bank is also a global coordinator and joint bookrunner.
Citigroup, JPMorgan, Morgan Stanley and UBS are also joint bookrunners.
Proceeds from the Rule 144A and Regulation S for life notes will be used to help fund the €1.6 billion leveraged buyout of Orange Switzerland by Apax Partners from France Telecom and to repay bank debt.
Orange Switzerland is an Arcueil, France-based wireless telecommunications company.
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