Commentary & Deal Flow

Matterhorn Telecom SA (Salt) (MATTER) EUR500m Reg S only sr sec notes due 2030 (5y). NC2 (MWC B+50bp). Equity claw: 2y 40%. (Existing B1)/BB-/BB+ (stable/stable/stable). Via GS (B&D)/BofA jt glocos and jt physical  books/BNP/CA/JPM/SocGen/UBS jt books. List ISE. NY law. CoC at 101. Denoms 100kx1k.

IPT: low-to-mid 4s.

Roadshow  (investor meetings) 09/17-18 (investor call at 10am UKT 09/17). Pricing 09/18. UOP: along with EUR180m fungible add-on to its sr sec term loan, and a new EUR286m sub shareholder loan, and a nw EUR26m sub vendor loan, and the rollover EUR317m net debt of Monaco Telecom Group to finance the acquisition of an approximately 45% indirect stake in Monaco Telecom Group for EUR625m (EUR311m upfron cash payment and the shareholder and vendor loans) (the government of Monaco will continue to own the remaining shares of Monaco Teleocom), and to refinance its EUR360m 3.125% sr sec notes due 09/15/26 (callable at 100). Equity sponsor: NJJ Suisse Acquisition, the private holding company of entrepreneur and telecommunications investor Xavier Niel. Biz: the third largest mobile network operator in Switzerland, and the fastest growing fully converged Swiss telecom operator, offering mobile and ultra-fast broadband services. HQ: Renens, Switzerland.

Netroadshow investor call link: https://www.netroadshow.com/events/login/LE9zwo3gmp3mioOTHps87YotCLxtmg4VWoI. (Entry code: Salt-2025)