Published on 4/10/2013 in the Prospect News High Yield Daily.
New Issue: Orange Switzerland prices €250 million PIK toggle due 2019 at par to yield 9%
By Paul A. Harris
Portland, Ore., April 10 - Orange Switzerland priced a €250 million issue of six-year senior PIK toggle notes at par to yield 9% on Wednesday, according to a market source.
The yield printed at the tight end of the 9% to 9¼% yield talk.
The notes pay a cash coupon of 9%. The coupon steps up to 9¾% in the event of an in-kind payment.
Joint bookrunner Credit Suisse will bill and deliver. Deutsche Bank, UBS, Citigroup, JPMorgan and Morgan Stanley were also joint bookrunners.
The Renens, Switzerland-based telecommunications company plans to use the proceeds to fund a dividend.
Issuer: | Matterhorn Financing (Orange Switzerland)
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Amount: | €250 million
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Maturity: | April 15, 2019
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Securities: | Senior PIK toggle notes
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Bookrunners: | Credit Suisse (bill and deliver), Deutsche Bank, UBS, Citigroup, JPMorgan, Morgan Stanley
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Cash coupon: | 9%
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PIK coupon: | 9¾%
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Price: | Par
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Yield: | 9%
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First call: | Oct. 15, 2014 at 102
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Trade date: | April 10
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Settlement date: | April 17
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Rating: | Standard & Poor's: CCC+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 9% to 9¼%
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