Switzerland’s Sunrise Communications has completed the pricing of euro and Swiss franc-denominated bonds totalling US$908.3m due 2017 to refinance debt.
Specifically, the Zurich-based telco has priced a tap offering of €125m (US$152.2m) of existing…
Switzerland’s Sunrise Communications has completed the pricing of euro and Swiss franc-denominated bonds totalling US$908.3m due 2017 to refinance debt.
Specifically, the Zurich-based telco has priced a tap offering of €125m (US$152.2m) of existing 7% fixed-rate senior-secured notes, a new offering of SFr370m (US$375.3m) of 5 5/8% senior-secured notes, SFr175m (US$177.4m) of floating senior secured notes with an annual interest rate equal to SFr Libor plus 5.5% and €167m (US$203.4m) of floating senior-secured note with annual interest equal to Euribor plus 4.75%.
The company confirmed in a statement it will use the proceeds to fully repay outstanding debt under senior credit facilities along with related fees and expenses.
Sunrise is also entering into a new SFr250m (US$255.6m) revolving credit facility in connection with the offering.
As previously reported, loans under the revolving credit facility will initially bear annual interest rates 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, and Deutsche Bank as security agent for the facility. Banca IMI, BNP Paribas, Deutsche Bank, DNB Markets, ING, Societe Generale, UBS and UniCredit are mandated lead arrangers.
Dow Jones reported the lead managers on the bond are Deutsche Bank, BNP Paribas, UBS, ING, Societe Generale and UniCredit are lead managers on the bond.
