Sunrise Communications plans bank debt refinancing, may issue bonds

New York, Jan. 14 – Sunrise Communications AG said that it plans to obtain new bank debt and may issue bonds as part of a refinancing linked to a proposed initial public offering.

The company announced Wednesday that it plans to list a new holding company, Sunrise Communications Group AG, on the SIX Swiss Exchange through an IPO during the first half of this year.

In conjunction with the IPO, Sunrise issued redemption notices for the CHF 300 million of 8¾%/9½% senior PIK toggle notes due 2019 and €275 million of 8¾%/9½% senior PIK toggle notes due 2019 issued by Mobile Challenger Intermediate Group SA, the €167 million of floating-rate senior secured notes due 2017 and CHF 370 million of 5 5/8% senior secured notes due 2017 issued by Sunrise Communications International SA, €450,989,000 of the €516 million of 8½% senior notes due 2018 issued by Sunrise Communications Holdings SA and CHF 121,050,000 of the CHF 300 million of 7% senior secured notes due 2017 issued by Sunrise Communications International SA.

These redemptions will occur on Feb. 13 and are subject to completion of the new bank financing as well as the IPO.

Sunrise will then redeem on Feb. 18 all €496 million of the 7% senior secured notes due 2017 and the remaining notes from the CHF 300 million of 7% senior secured notes due 2017 issued by Sunrise Communications International SA.

The second redemption is subject to the completion of debt financing that may include bank and/or bond debt.

Sunrise said it also intends to refinance its senior revolving credit facility.

Sunrise is a Zurich-based telecommunications provider.

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