Commentary & Deal Flow

Matterhorn Telecom SA (Salt) (MATTER) EUR550m (up from EUR500m) Reg S only sr sec notes due 10/15/30 (5y). NC2 (10/15/27) (MWC B+50bp), then at 101.9375 10/15/27, 100.96875 10/15/28, 100 10/15/29. Equity claw: 2y 40% at 103.875. 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. Pays June 15 and Dec 15, starting 12/15/25. Denoms 100kx1k. Settles 10/01 (T+9). CUSIP: 318694958. ISIN: XS3186949585. IPT: low-to-mid 4s. Price talk: 4.00%-4.25%. $50m upsize moved from the downsized TLB. Final terms: EUR550m at 3.875%.

Priced: 3.875% at 100. +163bp vs DBR 0.0% 08/15/30.

Roadshow  (investor meetings) 09/17-18 (investor call at 10am UKT 09/17). Books closed at 12:45pm UKT (from 12pm UKT) 09/18. UOP: along with EUR130m (down from 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 upfront 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) (EUR50m upsize moved from the downsized TLB). 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)