Moody's: Sunrise notes Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating and loss-given-default assessment of LGD3 (36%) to the proposed CHF 400 million of senior secured floating-rate notes and the CHF 465 million of senior secured fixed-rate notes to be issued by Sunrise Communications International SA.

Sunrise will use the proceeds from the offering plus CHF 200 million of existing cash on the balance sheet to repay all indebtedness outstanding under the group's existing senior secured term loan facilities.

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