Commentary & Deal Flow

Matterhorn Telecom SA (Salt Mobile) (MATTER) EUR420m (up from EUR350m minimum) Reg S only sr sec notes due 01/30/30 (5y). NC2 (01/30/27) (MWC B+50bp), then at 102.25, 101.125, 100. Equity claw: 2y 40% at 104.50. 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. Interest pays 05/15 and 11/15, starting 05/15/25. Settles 01/30 (T+10). ISIN: XS2985311518. IPT: 5% area. Price talk: 4.75% area. Final terms: EUR420m 4.50% at par.

Priced: 4.50% at 100. +220bp vs DBR 0.00% 02/15/30.

Roadshow  (small investor meetings) 01/14-15 (investor call at 10:30am UKT 01/14). Books closed at 4pm UKT (from 1pm UKT) 01/16. (TLB commitments are due 1pm UKT 01/16 (originally due 10:30am 01/17)). UOP: along with EUR430m (up from EUR350m minimum) sr sec term loan B, to redeem in full its EUR380m 4.00% sr sec notes due 11/15/27 (callable at 100) and repay in full (up from EUR322m) its EUR433m 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/ev...;confId=76237

Netroadshow link:https://www.netroadshow.com/nr... (Entry code: SALT-2025)