By Paul A. Harris
Portland, Ore., March 10 – Switzerland-based Salt Mobile SA priced €642 million of notes in two tranches on Thursday, according to a market source.
The deal saw about €25 million of proceeds shifted to the secured tranche from the unsecured tranche.
The issue included an upsized €525 million of six-year Euribor plus 325 basis points senior secured floating-rate notes, which priced at par with no Euribor floor. The tranche was upsized from €500 million. The spread came tighter than the 350 bps spread talk. The reoffer price came on top of price talk.
Salt also priced a downsized €117 million add-on to the Matterhorn Telecom Holding SA 4 7/8% senior notes due May 1, 2023, which came at par to yield 4 7/8%. The tranche was downsized from €140 million. The reoffer price came on top of price talk.
In a restructuring of the deal, proposed Swiss franc- and euro-denominated add-on tranches were withdrawn.
The deal generated CHF 687 million equivalent of proceeds.
Joint physical bookrunner Goldman Sachs International will bill and deliver. Credit Suisse was also a joint physical bookrunner. SG CIB was a joint bookrunner.
Proceeds will be used to refinance the existing senior secured floating-rate notes and to fund a shareholder distribution.
| Issuer: | Matterhorn Telecom SA
|
| Amount: | €642 million
|
| Joint physical bookrunners: | Goldman Sachs International (bill and deliver), Credit Suisse
|
| Joint bookrunner: | SG CIB
|
| Trade date: | March 9
|
| Settlement date: | March 16
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Secured tranche
|
| Amount: | €525 million, increased from €500 million
|
| Maturity: | Feb. 1, 2023
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Price: | Par
|
| Yield: | Euribor plus 325 bps
|
| Call: | Feb. 1, 2018 at par
|
| Price talk: | Euribor plus 350 bps, with no Euribor floor, at par.
|
|
|
| Unsecured tranche
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| Amount: | €117 million, decreased from €140 million
|
| Maturity: | May 1, 2023
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| Security description: | Add-on to 4 7/8% senior notes due May 1, 2023
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| Coupon: | 4 7/8%
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| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 509 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until May 1, 2018, then callable at 102.438
|
| Price talk: | Par
|
| Original issue: | €250 million priced in April 2015
|
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