Swiss operator Sunrise has priced its initial public offering (IPO) and started listing on the SIX Swiss Exchange. Trading will begin following the IPO. The IPO is expected to close on 10 February.
The company priced the offered shares CHF 68 per share. The total base offering consists of 20.0 million shares to be issued by Sunrise and 9.3 million existing shares offered by the selling shareholder. Sunrise and CVC have also granted a greenshoe of 4.1 million, to be offered by the selling shareholder. Following completion of the IPO, the number of offered Shares in the base offering will represent 65 percent of the issued share capital before the greenshoe and 75 percent after.
Sunrise will use the expected proceeds of CHF1.36 billion, together with proceeds from other sources, to redeem in full the PIK Toggle notes and the 2012 notes and to pay back EUR 451 million of the senior notes and CHF 121 million of the CHF denominated 2010 Fixed Rate Senior Secured Notes on 13 February.
