Commentary & Deal Flow

Matterhorn Telecom SA (Salt Mobile) (MATTER) CHF100m Reg S only sr sec notes due 07/31/28 (5y). NC2 (07/31/25) (MWC SWISS+50bp), then at 102.625, 101.3125, 100. Equity claw: 2y 40% at 105.25. (Existing B2)/BB-/BB+ (--/stable/stable). Via GS gloco and sole books. No reg rights. List SIX Swiss Exchange. NY law. Pays March 15 and September 15, commencing 03/15/24. Settles 07/21 (T+7). ISIN: CH1282945554. IPT: 5.25% area.

Priced: 5.25% at 100. +420bp vs SWISS 4.00% Aug 8, 2028.

Roadshow Mon-Tues (investor call at 11am UKT Mon). UOP: redeem in part on or after 09/15/23, and in any event prior to 09/15/24, its existing EUR250m 2.625% sr sec notes due 09/15/24 (callable at 100). Equity sponsor: NJJ Suisse Acquisition, the private holding company of entrepreneur and telecommunications investor Xavier Niel. Biz: fastest growing fully converged Swiss telecom operator, offering mobile and ultra-fast broadband services. HQ: Renens, Switzerland.