Pestalozzi advises the initial purchasers led by Goldman Sachs, Citigroup, and Credit Suisse in connection with a EUR 825 million notes offering by Salt and the lenders under CHF 575 million loan facilities
Salt Group, one of the leading mobile operators in Switzerland, issued (i) €250 million aggregate principal amount of 2.625% Senior Secured Notes due 2024, and (ii) €575 million aggregate principal amount of 3.125% Senior Secured Notes due 2026, both priced at 100% of their aggregate principal amount. In addition, Salt Group allocated a new 7 year term loan facility B of up to CHF 500 million, and a new 5 year revolving facility of up to CHF 75 million.
The proceeds from the offering and the facilities, together with proceeds of the previously announced Towers Sale and cash on balance sheet, will be used, inter alia, to redeem (i) the entire outstanding principal amount of the Floating Rate Senior Secured Notes due 2023, (ii) the entire outstanding principal amount of Euro Fixed Rate Senior Secured Notes due 2022, (iii) the entire outstanding principal amount of the CHF Fixed Rate Senior Secured Notes due 2022, and (iv) the entire outstanding principal amount of Senior Notes due 2023.
Pestalozzi advised the syndicated lenders under the senior facilities agreement and the initial purchasers under the purchase agreement as to Swiss law.