By Paul A. Harris
Portland, Ore., Feb. 9 - Orange Switzerland priced a €180 million add-on to the Matterhorn Mobile SA three-month Euribor plus 525 basis points senior secured floating-rate notes (existing ratings Ba3/BB-) at par on Thursday, according to market sources.
The reoffer price came on the rich end of the 99.75 to par price talk.
Credit Suisse and Deutsche Bank AG were the global coordinators and joint bookrunners for the quick-to-market add-on.
Citigroup, JPMorgan, Morgan Stanley and UBS were also joint bookrunners.
Proceeds will be used to repay bank debt.
The original €150 million issue priced at 99 on Feb. 3, 2012 as part of a CHF 900 million equivalent three-part deal that included Matterhorn Mobile SA's CHF 450 million of 6¾% senior secured notes due May 15, 2019 and Matterhorn Mobile Holdings SA's €225 million 8¼% senior unsecured notes due Feb. 15, 2020.
The issuing entities are special purpose vehicles of Orange Switzerland, an Arcueil, France-based wireless telecommunications company.
| Issuer: | Matterhorn Mobile SA (Orange Switzerland)
|
| Amount: | €180 million
|
| Maturity: | May 15, 2019
|
| Security description: | Add-on to Euribor plus 525 bps senior secured floating-rate notes due May 15, 2019
|
| Bill and deliver: | Credit Suisse
|
| Global coordinators: | Credit Suisse, Deutsche Bank
|
| Bookrunners: | Credit Suisse, Deutsche Bank, Citigroup, JPMorgan, Morgan Stanley, UBS
|
| Coupon: | Euribor plus 525 bps
|
| Price: | Par
|
| Yield: | Euribor plus 525 bps
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 17 with accrued interest
|
| Existing ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 99.75 to par
|
| Original issue: | €150 million priced at 99 on Feb. 3, 2012
|
| Total issue size: | €330 million
|
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