Orange Switzerland LBO to include CHF 575 million notes

By Paul A. Harris

Portland, Ore., Jan. 6 - Financing is in place for Apax Partners' €1.6 billion leveraged buyout of Orange Switzerland from France Telecom, according to a market source.

The France Telecom board of directors is expected to sign off on the LBO in the week ahead.

Dealers are set to hit the market with CHF 575 million equivalent of notes, which would likely come before the end of January, the source added.

The deal would include CHF 325 million equivalent of senior secured notes and CHF 250 million equivalent of subordinated notes.

Credit Suisse and JPMorgan are the global coordinators in a syndicate of underwriters that includes Citigroup, Morgan Stanley, Nomura and UBS.

The deal also includes CHF 750 million of bank debt.

Orange Switzerland is an Arcueil, France-based wireless telecommunications company.

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