Moody's rates Sunrise bonds Ba3

Moody's Investors Service said it assigned a definitive Ba3 rating and loss-given-default assessment of LGD3 (36%) to Sunrise Communications International SA's CHF 897 million (equivalent) recent bond offering., comprising:

• A tap offering of €125 million (CHF 150.5 million equivalent) of its existing 7% fixed-rate senior secured notes due 2017;

• A new offering of CHF 370 million of its 5.625% fixed-rate senior secured notes due 2017;

• A new offering of CHF 175 million of its floating-rate senior secured notes due 2017, bearing annual interest of CHF LIBOR plus 5½%; and

• A new offering of €167 million (CHF 201.1 million equivalent) of its floating-rate senior secured notes due 2017, bearing annual interest of EURIBOR plus 4¾%.

The outlook is stable.

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