Matterhorn Mobile, the ultimate parent of Orange Switzerland, has issued CHF400m (US$438.1m) of senior secured floating-rate notes, to which Moody’s has assigned a provisional rating of (P)Ba3 and a loss-given-default assessment of LGD3.
The…
Matterhorn Mobile, the ultimate parent of Orange Switzerland, has issued CHF400m (US$438.1m) of senior secured floating-rate notes, to which Moody’s has assigned a provisional rating of (P)Ba3 and a loss-given-default assessment of LGD3.
The ratings agency announced it has concurrently withdrawn the (P)Ba3 rating and LDG3 assessment of Matterhorn’s existing CHF150m (previously CHF275m) B1 term loan and CHF68m (previously CHF125m) B2 term loan.
Moody’s said its ratings of the other elements of Matterhorn’s financing package for Apax Partners’ leveraged buyout of Orange Switzerland remain unchanged.
The outlook for all ratings is stable.
Apax agreed to pay €1.6bn for Orange Switzerland in December 2011. Matterhorn increased the bond element of the financing package from about €413m to €747m last week following strong investor demand.
