Commentary & Deal Flow

Matterhorn Telecom SA (Salt Mobile) (MATTER) EUR350m (EUR300m minimum) Reg S only sr sec notes due 2030 (5y). NC2 (MWC B+50bp) (50%25%,par). Equity claw: 2y 40%. Expect B2/BB-/BB+ (positive/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. Roadshow  (small investor meetings) 01/14-15 (investor call at 10:30am UKT 01/14). Pricing late 01/13 week (TLB commitments are due 10:30am 01/17). UOP: along with EUR350m(EUR350m minimum) (EUR700m total with the sr sec notes) sr sec term loan B, to redeem in full its EUR380m 4.00% sr sec notes due 11/15/27 (callable at 100) and partially repay EUR322m of its EUR465m term loan B due 2026. 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.

Investor call registration link: https://www.netroadshow.com/events/login?show=10a13934&confId=76237

Netroadshow link:https://www.netroadshow.com/nrs/home/?show=69a7039a (Entry code: SALT-2025)