Sunrise IPO raises SFr2.3bn following greenshoe
The initial public offering of Swiss mobile operator Sunrise has reached a total SFr2.274bn (US$2.4bn), after the joint bookrunners fully exercised a greenshoe option.
They placed an extra 4.1 million shares at a price of SFr68 (US$73.1) apiece,…
The initial public offering of Swiss mobile operator Sunrise has reached a total SFr2.274bn (US$2.4bn), after the joint bookrunners fully exercised a greenshoe option.
They placed an extra 4.1 million shares at a price of SFr68 (US$73.1) apiece, bringing the total number of shares sold in the IPO to 33.4 million, which equals to a 75% free float, the company said in a statement.
Sunrise will use the proceeds to deleverage its balance sheet and reduce the cost of its debt, allowing it to exploit future growth opportunities.
Deutsche Bank and UBS served as joint global coordinators and joint bookrunners on the IPO, Morgan Stanley and Berenberg acted as additional joint bookrunners, and Bank Vontobel was co-lead manager. Lilja & Co served as independent adviser to CVC and Sunrise.
Yesterday, the company announced that it would issue SFr500m (US$539m) senior secured notes due 2022 and carrying a 2.125% coupon. It expects to close the offering on 17 February.
The operator is also looking to replace its senior revolving credit facility with new bank financing as one of a number of refinancing steps.
Zurich-headquartered Sunrise is the second-largest telecoms operator in Switzerland after Swisscom. For the 12 months ending 30 September 2014, it reported revenues of SFr2bn and EBITDA of SFr621m.
