Salt sets talk on CHF 2.1 billion four-part secured notes offering; pricing Thursday

By Paul A. Harris

Portland, Ore., June 6 – Salt Mobile SA set price talk in its CHF 2,085,000,000 equivalent four-part offering of senior secured notes (B2/B+), according to a market source.

With tranche sizes still to be determined, price talk is as follows:

• Euro-denominated seven-year floating-rate notes with one year of call protection are talked at Euribor plus 350 basis points to 375 bps with a 0% Euribor floor;

• Swiss franc-denominated seven-year fixed-rate notes with three years of call protection are talked at 4% to 4¼%;

• Euro-denominated eight-year fixed-rate notes with three years of call protection are talked in the 4¾% area; and

• Dollar-denominated eight-year fixed-rate notes with three years of call protection are talked in the 7% area.

Books close at 10 a.m. ET on Thursday, and the Rule 144A and Regulation S deal is set to price thereafter.

Credit Suisse is the left lead global coordinator. Goldman Sachs and SG CIB are also global coordinators. BNP Paribas, JPMorgan and Natixis are joint bookrunners.

Proceeds will be used to refinance the company’s existing notes.

The issuing entity will be Matterhorn Telecom SA, a wholly owned subsidiary of Matterhorn Telecom Holding SA, the ultimate parent of Salt Mobile, a Luxembourg-based mobile network operator.

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