Sunrise refinancing successfully completed Mittwoch, 18. Februar 2015 - 18:00
Media Release
Zurich, February 18, 2015
Sunrise refinancing successfully completed
Sunrise confirms the completion of previously announced refinancing transactions with a blended average cost of debt of 2.4% [1]
Sunrise Communications Group AG (“Sunrise” or “Company”) today announces that the Company and its subsidiaries (the “Sunrise Group”) have successfully completed the refinancing transactions. On February 12, 2015, Sunrise Group used the proceeds of approximately CHF 1,359 million from the initial public offering of the Company, together with CHF 1,000 million of drawdown under the term loan B facilities provided for under the Senior Facilities Agreement (“Term Loan B Facilities”), to redeem in full the PIK Toggle Notes and the 2012 Notes, and to redeem in part the 2010 Fixed Rate Senior Secured Notes and the Senior Notes, as well as payment of certain costs relating to the transactions and fund cash to the balance sheet. Such redemptions occurred on February 13, 2015. On February 17, 2015, Sunrise Group used the proceeds from the offering of CHF 500 million 2.125% senior secured notes due 2022 by Sunrise Communications Holdings S.A. (the “New Notes”), together with CHF360 million of drawdown under the Term Loan B Facilities and cash on balance sheet, to redeem in full the remaining 2010 Fixed Rate Senior Secured Notes and the Senior Notes, as well as payment of certain costs relating to the transactions. Such redemptions occurred on February 18, 2015. As a result of the aforementioned highly successful refinancing transactions, Sunrise Group reduced its blended average cost of debt to 2.4% (vs. the previous guidance of 3.00% - 3.25% as per the IPO prospectus).
For purposes of the above:
“2010 Fixed Rate Senior Secured Notes” means €496,000,000 7.0% Senior Secured Notes due 2017 and CHF 300,000,000 7.0% Senior Secured Notes due 2017 of Sunrise Communications International S.A.
“2012 Notes” means €167,000,000 Floating Rate Senior Secured Notes due 2017 and CHF 370,000,000 5⅝% Senior Secured Notes due 2017 of Sunrise Communications International S.A.
“CHF 2.125% Senior Secured Notes”means CHF 500,000,000 2.125% Senior Secured Notes due 2022 of Sunrise Communications Holdings S.A.
“PIK Toggle Notes” means CHF 300,000,000 8¾% / 9½% Senior PIK Toggle Notes due 2019 and €275,000,000 8¾% / 9½% Senior PIK Toggle Notes due 2019 of Mobile Challenger Intermediate Group S.A.
“Senior Notes” means €561,000,000 8.5% Senior Notes due 2018 of Sunrise Communications Holdings S.A.
“Senior Facilities Agreement” means the senior facilities agreement dated January 13, 2015 as amended and restated pursuant to an amendment and restatement deed dated February 9, 2015 by among, inter alios, Sunrise, Sunrise Communications Holdings S.A. and BNP Paribas as agent.
