Swiss mobile operator Sunrise is offering SFr500m (US$539m) senior secured notes due 2022, following its successful IPO last week which raised SFr1.36bn (US$1.47bn) for the company.
The placement comes as Sunrise moves to de-lever its balance sheet…
Swiss mobile operator Sunrise is offering SFr500m (US$539m) senior secured notes due 2022, following its successful IPO last week which raised SFr1.36bn (US$1.47bn) for the company.
The placement comes as Sunrise moves to de-lever its balance sheet after listing.
In a statement, the operator said the seven-year notes carried a 2.125% coupon and are non-callable until 2018. It expects to close the offering on 17 February.
Sunrise is also looking to replace its senior revolving credit facility with new bank financing as one of a number of refinancing steps.
The proceeds of the senior secured offering, along with other sources of financing including proceeds from the IPO, will be put towards redeeming all of Sunrise’s outstanding €496m 7% senior secured notes due 2017, SFr300m 7% senior secured notes due 2017 and €561m 8.5% senior notes due 2018, plus related costs.
Deutsche Bank and UBS are acting as joint global coordinators, and also as joint bookrunners alongside BNP Paribas, DNB, Morgan Stanley and Unicredit.
Last month, the operator said it planned to buy back a total of US$1.8bn bonds in February after the IPO. Beyond the notes it is trying to redeem from this offering, it will also look to buy back its SFr300m and €275m tranches of PIK toggle notes due 2019, and a number of other bonds. The operator added that it could refinance more of its bonds.
