New Issue: Orange Switzerland prices €250 million PIK toggle due 2019 at par to yield 9%

By Paul A. Harris

Portland, Ore., April 10 - Orange Switzerland priced a €250 million issue of six-year senior PIK toggle notes at par to yield 9% on Wednesday, according to a market source.

The yield printed at the tight end of the 9% to 9¼% yield talk.

The notes pay a cash coupon of 9%. The coupon steps up to 9¾% in the event of an in-kind payment.

Joint bookrunner Credit Suisse will bill and deliver. Deutsche Bank, UBS, Citigroup, JPMorgan and Morgan Stanley were also joint bookrunners.

The Renens, Switzerland-based telecommunications company plans to use the proceeds to fund a dividend.

Issuer:	Matterhorn Financing (Orange Switzerland)
Amount:	€250 million
Maturity:	April 15, 2019
Securities:	Senior PIK toggle notes
Bookrunners:	Credit Suisse (bill and deliver), Deutsche Bank, UBS, Citigroup, JPMorgan, Morgan Stanley
Cash coupon:	9%
PIK coupon:	9¾%
Price:	Par
Yield:	9%
First call:	Oct. 15, 2014 at 102
Trade date:	April 10
Settlement date:	April 17
Rating:	Standard & Poor's: CCC+
Distribution:	Rule 144A and Regulation S for life
Price talk:	9% to 9¼%

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