Sunrise Communications announces note redemptions linked to IPO plan

New York, Jan. 14 – Sunrise Communications AG said that it will redeem several series of outstanding notes as part of its planned initial public offering.

Sunrise will redeem its notes in two stages. On Feb. 13 it will redeem:

• All CHF 300 million of the 8¾%/9½% senior PIK toggle notes due 2019 issued by Mobile Challenger Intermediate Group SA at a price of 102% of par;

• All €275 million of the 8¾%/9½% senior PIK toggle notes due 2019 issued by Mobile Challenger Intermediate Group SA at a price of 102% of par;

• All €167 million of the floating-rate senior secured notes due 2017 issued by Sunrise Communications International SA. The redemption price will be par;

• All CHF 370 million of the 5 5/8% senior secured notes due 2017 issued by Sunrise Communications International SA. The redemption price will be 103.813% of par;

• €450,989,000 of the €516 million of 8½% senior notes due 2018 issued by Sunrise Communications Holdings SA. The notes will be redeemed at 104.25% of par. Following the redemption there will be €110,011,000 of notes outstanding;

• CHF 121,050,000 of the CHF 300 million of 7% senior secured notes due 2017 issued by Sunrise Communications International SA. The redemption price will be 103.5% of par. Following the redemption CHF 178,950,000 of the notes will remain outstanding.

Sunrise will then redeem on Feb. 18:

• All €496 million of the 7% senior secured notes due 2017 issued by Sunrise Communications International SA. The notes will be redeemed at 103.5% of par;

• The notes remaining from the CHF 300 million of 7% senior secured notes due 2017 issued by Sunrise Communications International SA. The notes will be redeemed at 103.5% of par.

Sunrise will also pay accrued interest up to but excluding the redemption date.

The Feb. 13 redemptions are subject to the completion of new bank financing and the initial public offering. The Feb. 18 redemptions are subject to debt financing that may include bank and/or bond debt.

Sunrise also intends to refinance its senior revolving credit facility.

The company announced that it plans to list a new holding company, Sunrise Communications Group AG, on the SIX Swiss Exchange through an initial public offering planned for the first half of this year.

Sunrise is a Zurich-based telecommunications provider.

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