Mobile operator Orange Switzerland today launched a CHF2bn (US$2.05bn) four-part offering, TelecomFinance understands.
The bond roadshow started today in London today, and will move to Paris and Zurich on Wednesday, with pricing to be announced…
Mobile operator Orange Switzerland today launched a CHF2bn (US$2.05bn) four-part offering, TelecomFinance understands.
The bond roadshow started today in London today, and will move to Paris and Zurich on Wednesday, with pricing to be announced afterwards.
The issue comprises Swiss franc and euro senior secured fixed and floating rate notes, as well as euro denominated senior fixed rate notes. Credit Suisse is global coordinator, while Societe Generale, BNP Paribas, Natixis, JP Morgan and Goldman Sachs are joint bookrunners.
In December, NJJ Capital, the private holding company of Iliad founder Xavier Niel agreed to buy Orange Switzerland from Apax Partners for CHF2.8bn (US$2.86bn).
Credit Suisse advised Apax, while Lazard and BNP Paribas advised NJJ Capital.
Net proceeds from the offering, deployed along with cash on the balance sheet, will be used to redeem in full all the company’s existing notes, terminate or amend its existing hedging obligations and pay shareholder dividends.
Orange Switzerland, which competes with Swisscom and Sunrise, posted FY 2014 revenue of CHF1.32bn and an adjusted EBITDA of CHF432.7m.
