By Paul A. Harris
Portland, Ore., Feb. 3 - Orange Switzerland priced an upsized, restructured CHF 900 million equivalent of notes in three tranches on Friday, according to market source.
Matterhorn Mobile SA priced an upsized CHF 450 million of senior secured notes due May 15, 2019 (Ba3/BB-) at par to yield 6¾%.
The yield printed on top of price talk that was downwardly revised from earlier talk of 7% to 7¼%. The tranche was upsized from CHF 325 million.
Matterhorn Mobile Holdings SA priced a €225 million tranche of eight-year senior unsecured notes (B3/B-) at par to yield 8¼%.
The yield printed on top of price talk, which was downwardly revised from previous talk of 8½% to 8¾%. The sizing of the tranche represented a CHF 50 million increase from the original CHF 225 equivalent.
And in a tranche added late in the marketing of the deal, Matterhorn Mobile SA priced a €150 million tranche due May 15, 2019 of three-month Euribor plus 525 bps senior secured floating-rate notes (Ba3/BB-) at 99.
The tranche priced on top of price talk, which had been downwardly revised from Euribor plus 525 to 550 basis points.
Global coordinator and joint bookrunner Credit Suisse will bill and deliver. Deutsche Bank was also a global coordinator and joint bookrunner.
Citigroup, JPMorgan, Morgan Stanley and UBS were also joint bookrunners.
Proceeds 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.
The combined deal size was increased from CHF 550 million equivalent.
Orange Switzerland is an Arcueil, France-based wireless telecommunications company.
| Issuer: | Orange Switzerland
|
| Amount: | CHF 900 million equivalent
|
| Bill and deliver: | Credit Suisse
|
| Global coordinators: | Credit Suisse, Deutsche Bank AG
|
| Bookrunners: | Credit Suisse, Deutsche Bank, Citigroup, JPMorgan, Morgan Stanley, UBS
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 10
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Swiss franc notes due 2019
|
| Issuer: | Matterhorn Mobile SA
|
| Amount: | CHF 450 million, upsized from CHF 325 million
|
| Maturity: | May 15, 2019
|
| Securities: | Senior secured notes
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 634 bps
|
| Call protection: | Three years
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 6¾%, downwardly revised from 7% to 7¼%
|
|
|
| Euro notes due 2020
|
| Issuer: | Matterhorn Mobile Holdings SA
|
| Amount: | €225 million, upsized by CHF 50 million from the original CHF 225 equivalent size
|
| Maturity: | Feb. 15, 2020
|
| Securities: | Senior unsecured notes
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 678 bps
|
| Call protection: | Four years
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8¼%, downwardly revised from 8½% to 8¾%
|
|
|
| Euro notes due 2019
|
| Issuer: | Matterhorn Mobile SA
|
| Face amount: | €150 million
|
| Proceeds: | €148.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Maturity: | May 15, 2019
|
| Coupon: | Three-month Euribor plus 525 bps
|
| Price: | 99
|
| Call protection: | Non-callable
|
| Expected ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | Euribor plus 525 bps at 99, downwardly revised from Euribor plus 525-550 bps
|
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