Orange Switzerland intends to raise CHF 1.175bn (US$1.277bn) in a package to finance the leveraged buyout of the business by Apax Partners.
Matterhorn Mobile Holdings, which is the ultimate parent of Orange Switzerland, said the notes will be offered in…
Orange Switzerland intends to raise CHF 1.175bn (US$1.277bn) in a package to finance the leveraged buyout of the business by Apax Partners.
Matterhorn Mobile Holdings, which is the ultimate parent of Orange Switzerland, said the notes will be offered in a private placement.
According to Moody’s, which assigned a first-time B1 corporate family rating (CFR) and probability of default rating (PDR) to the offerings, the following debt instruments will be launched:
– CHF225 million of senior notes due 2020, issued by Matterhorn Mobile Holdings
– CHF325 million of senior secured bonds due 2019, issued by Matterhorn Mobile
– CHF225 million senior secured term loan A at Matterhorn Mobile
– CHF275 million senior secured term loan B1 at Matterhorn Mobile
and
– CHF125 million senior secured term loan B2 at Matterhorn Mobile.
The outlook for all the ratings is stable, Moody’s said.
The proceeds of the instruments will be used to finance the leveraged buy-out of the business by private equity firm Apax, which agreed to acquire Orange Switzerland in December 2011 for €1.6bn.
According to Dow Jones Credit Suisse, Citi, Deutsche Bank, UBS, JP Morgan Chase and Morgan Stanley are lead managers on the issue.