Sunrise Communications to sell CHF 1.475 billion equivalent notes

By Paul A. Harris

St. Louis, Oct. 4 - Switzerland's Sunrise Communications International SA and Sunrise Communications Holdings SA will begin a roadshow on Tuesday in London for a CHF 1.475 billion equivalent multi-currency, multi-tranche offering of high-yield notes, according to an informed source.

The deal from the Zurich-based integrated telecommunications services provider features CHF 800 million equivalent of seven-year senior secured notes in CHF- and euro-denominated tranches. The seven-year notes come with three years of call protection.

The company is also offering CHF 675 million equivalent of eight-year senior unsecured notes in a single euro-denominated tranche. The eight-year notes come with four years of call protection.

Wednesday roadshow stops include London, Zurich and Edinburgh. On Thursday the roadshow moves to Paris and Frankfurt.

Deutsche Bank and BNP Paribas are the global coordinators and joint bookrunners for the notes, which come formatted according to Rule 144A and Regulation S for life.

UBS, SG CIB and UniCredit are joint bookrunners. ING is the co-manager.

Credit ratings remain to be determined.

Proceeds will be used to fund the purchase of Sunrise Communications AG from TDC A/S by funds managed and advised by CVC Capital Partners.

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