Swiss private equity owned mobile operator Sunrise has launched a PIK toggle.
Joint global coordinators and joint bookrunners managers are Deutsche Bank and Goldman Sachs.
Joint bookrunners are UBS, BNP Paribas, Credit Suisse and Morgan Stanley.
The…
Swiss private equity owned mobile operator Sunrise has launched a PIK toggle.
Joint global coordinators and joint bookrunners managers are Deutsche Bank and Goldman Sachs.
Joint bookrunners are UBS, BNP Paribas, Credit Suisse and Morgan Stanley.
The €500m equivalent PIK will be used to repay a preferred equity certificate, PEC, according to a person with knowledge of the situation.
The person noted the PIK toggle would be used for the refinancing of a shareholder instrument, and that it was not directly related to the company itself.
Ratings agency Fitch gave the PIK notes a B-(EXP)/RR6 rating, adding that the six-year notes are not expected to impact Sunrise’s financial profile, given that the notes will be issued outside of Sunrise’s restricted group.
Sunrise was acquired by private equity firm CVC in 2010 for €2.4bn.
The telco recently reported a 2012 turnover of CHF2.07bn (€1.67bn) and EBITDA of CHF631.1m (€510.4m).
At the end of 2012 it had net debt of CHF2.33bn (€1.88bn). It had reduced its net debt/EBITDA ratio to 3.8x at the end of 2012, from 4.0x the previous year.
