Swiss telco Sunrise Communications is offering euro- and Swiss franc-denominated notes to refinance debt, according to a company statement.
The offering consists of a tap of Sunrise’s existing euro-denominated 7% fixed rate senior secured notes due…
Swiss telco Sunrise Communications is offering euro- and Swiss franc-denominated notes to refinance debt, according to a company statement.
The offering consists of a tap of Sunrise’s existing euro-denominated 7% fixed rate senior secured notes due 2017, and new offerings of SFr-denominated fixed rate senior secured notes due 2017, SFr-denominated floating rate senior secured notes due 2017, and euro-denominated floating rate senior secured notes due 2017.
The proceeds will be used to fully repay the Sunrise group’s senior credit facilities and pay related fees and expenses.
Sunrise is entering a new SFr250m (US$255.6m) credit facility in relation to the offering.
Loans under the revolving credit facility agreement will initially bear interest at rates per annum equal to Libor or, for loans denominated in euro, Euribor, and a margin of 4.50% per Annum plus costs. The margin may range between 4.50% and 3.50% depending on Sunrise’s leverage ratio.
BNP Paribas is acting as agent, with Deutsche Bank security agent, and Banca IMI, BNP Paribas, Deutsche Bank, DNB Markets, ING, Societe Generale, UBS and UniCredit as mandated lead arrangers.
Dow Jones reports the total value of the offering as SFr870m (US$890m) and that Deutsche Bank, BNP Paribas, UBS, ING, Societe Generale and UniCredit are lead managers on the bond.
