Orange Switzerland parent Matterhorn Financing plans to offer €250m of euro-denominated PIK toggle notes due 2019.
The notes will be offered in a private placement to institutional investors, Matterhorn said in a statement today.
Proceeds will be…
Orange Switzerland parent Matterhorn Financing plans to offer €250m of euro-denominated PIK toggle notes due 2019.
The notes will be offered in a private placement to institutional investors, Matterhorn said in a statement today.
Proceeds will be used to repay share capital and share premium to Matterhorn’s shareholders and to provide cash on the balance sheet.
Matterhorn is the holding vehicle for Orange Switzerland’s private equity owners led by Apax Partners, the private equity firm that completed its takeover of Orange in February 2012.
One of the PIK notes’ initial buyers will act as stabilising manager for the offering and may over-allot the notes or instigate transactions to boost their market price, the statement said.
Orange Switzerland is the second Swiss mobile operator to announce the launch of a PIK toggle offering in the past month. In March, private equity-owned Sunrise launched a €500m-equivalent PIK to repay a preferred equity certificate.
