Matterhorn postpones CHF 2.09 billion equivalent secured notes offer, cites market conditions

By Paul A. Harris

Portland, Ore., June 8 – Matterhorn Telecom SA (Salt Mobile, SA) postponed its CHF 2,085,000,000 equivalent four-part offering of senior secured notes, according to a Friday press release.

The Luxembourg-based mobile network operator cited market conditions in its decision to postpone the deal and added that it will not redeem its existing notes.

The offer, which involved two tranches of euro-denominated notes, one tranche of Swiss franc-denominated notes and one tranche of dollar-denominated notes, with seven-year and eight-year maturities, had been marketed by means of a roadshow, according to market sources.

Price talk had been set, and the deal had been expected to price on Thursday.

However, the euro-denominated tranches, a seven-year floating rate tranche and an eight-year fixed-rate tranche, had not been well received, according to a high-yield investor.

Credit Suisse was the left lead global coordinator. Goldman Sachs and SG CIB were also global coordinators. BNP Paribas, JPMorgan and Natixis are joint bookrunners.

Matterhorn Telecom SA, a wholly owned subsidiary of Matterhorn Telecom Holding SA, is the ultimate parent of Salt Mobile, SA.

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