Private equity investment fund Apax Partners LLP, which has agreed to buy France Telecom's (FTE) Swiss mobile subsidiary, Orange Communication S.A, plans to raise 1.4 billion Swiss francs ($1.5 billion) in loans and bonds to execute the deal, Bloomberg reported Thursday.
Orange Communication or Orange Switzerland was established in 1999 and became one of the leading mobile operators in Switzerland. The company posted revenue of 1.3 billion francs in 2010 and had a customer base of 1.6 million at the end of September 2011. The company employs about 1,200 people.
It was on December 24, 2011 that the deal, having an enterprise value of 2.0 billion francs or 1.6 billion euros, was announced.
The financing comprises 225 million francs of term loan A, 400 million francs of term loan B, 100 million francs of revolving credit and 125 million francs of credit facility for capital expenditure, the report added, citing unidentified sources with knowledge of the deal.
Meanwhile, Orange Switzerland will sell 325 million francs of senior secured bonds and 225 million francs of senior unsecured notes.
The financing is arranged by UBS AG (UBS), Credit Suisse Group AG (CS), Deutsche Bank AG (DB), JPMorgan Chase & Co. (JPM), Morgan Stanley (MS) and Citigroup Inc. (C).
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