Moody’s rates Matterhorn notes B2, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Matterhorn Telecom Holding SA, the ultimate parent of Orange Communications SA.

Matterhorn will become the new top company within the restricted group issuing consolidated financial statements.

Concurrently, the agency withdrew the B2 corporate family rating and B1-PD probability of default rating of Matterhorn Midco & Co. SCA, which was the previous top company.

The outlook on all ratings is stable.

The ratings on the existing debt instruments issued by Matterhorn Midco, Matterhorn Mobile Holdings SA and Matterhorn Mobile SA remain unchanged at this stage. These debt instruments will shortly be redeemed with proceeds from the new debt issuance and their ratings will be withdrawn upon repayment.

Concurrently, Moody's assigned a provisional B2 rating to Matterhorn Telecom SA's CHF 1,712,000,000 equivalent worth of fixed- and floating-rate senior secured notes due 2022 and a provisional Caa1 rating to Matterhorn Telecom Holding’s €290 million (CHF 302 million equivalent) senior notes due 2023.

Proceeds will be used to redeem in full the existing bonds, pay a CHF 150 million dividend to shareholders and pay fees and expenses.

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