By Paul A. Harris
Portland, Ore., July 11 - Sunrise Communications International SA priced CHF 896 million equivalent of senior secured notes due Dec. 31, 2017 on Wednesday, according to a market source.
The deal included a €125 million add-on to the Zurich-based telecommunications company's 7% senior secured fixed-rate notes due Dec. 31, 2017, which priced at 105.5 to yield 5.808%.
The reoffer price came at the rich end of the 105 to 105.5 price talk.
The original €371 million issue priced at par in October 2010.
In addition Sunrise Communications priced a CHF 370 million tranche of fixed-rate notes at par to yield 5 5/8%.
The yield printed at the tight end of yield talk, which was set in the 5¾% area.
The transaction also included two tranches of floating-rate notes, including a €167 million tranche that was priced at par to yield Euribor plus 475 basis points, at the tight end of the Euribor plus 475 bps to 500 bps spread talk.
Meanwhile the CHF 175 million tranche was priced at par to yield Libor plus 550 bps, on top of spread talk.
Global coordinator and bookrunning manager Deutsche Bank AG will bill and deliver. BNP Paribas and UBS are also bookrunning managers.
ING, SG CIB and UniCredit are joint bookrunners.
Banca IMI and DNB Markets are co-managers.
The Zurich-based company plans to use the proceeds, along with CHF 200 million of cash on its balance sheet, to repay bank debt.
| Issuer: | Sunrise Communications International SA
|
| Face amount: | CHF 896 million equivalent
|
| Proceeds: | CHF 905 million equivalent
|
| Security: | Senior secured notes
|
| Maturity: | Dec. 31, 2017 for all tranches
|
| Global coordinator: | Deutsche Bank AG (bill and deliver)
|
| Bookrunning managers: | Deutsche Bank BNP Paribas, UBS
|
| Joint bookrunners: | ING, SG CIB, UniCredit
|
| Co-managers: | Banca IMI, DNB Markets
|
| Trade date: | July 11
|
| Settlement date: | July 19
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Brief roadshow
|
|
|
| Add-on to 7% fixed-rate notes
|
| Face amount: | €125 million
|
| Proceeds: | €131,875,000
|
| Coupon: | 7%
|
| Price: | 105.5
|
| Yield: | 5.808%
|
| Spread: | 536 bps
|
| First call: | Callable Dec. 31, 2013 at 105.25
|
| Price talk: | 105 to 105.5
|
| Original issue: | €371 million priced at par in October 2010
|
| Total issue size: | €496 million
|
|
|
| Swiss franc-denominated fixed-rate notes
|
| Amount: | CHF 370 million
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 559 bps
|
| Call features: | Callable on July 31, 2014 at 102.813, 101.406, par on and after July 31, 2016
|
| Price talk: | 5¾% area
|
|
|
| Euro-denominated floating-rate notes
|
| Amount: | €167 million
|
| Coupon: | Euribor plus 475 bps
|
| Price: | Par
|
| Yield: | Euribor plus 475 bps
|
| Call features: | Callable July 31, 2013 at 101, par on and after July 31, 2014
|
| Price talk: | Euribor plus 475 to 500 bps
|
|
|
| Swiss franc-denominated floating-rate notes
|
| Amount: | CHF 175 million
|
| Coupon: | Libor plus 550 bps
|
| Price: | Par
|
| Yield: | Libor plus 550 bps
|
| Call features: | Callable July 31, 2013 at 101, par on and after July 31, 2014
|
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