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NKF advises on Sunrise's CHF 2.3 billion IPO and IPO-related refinancing transactions

August 2015

Niederer Kraft & Frey advised Deutsche Bank and UBS as Joint Global Coordinators, the Joint Global Coordinators, Berenberg, and Morgan Stanley as Joint Bookrunners and Vontobel as Co-Lead Manager in connection with the successful Initial Public Offering and listing on the SIX Swiss Exchange of Sunrise, Switzerland's second largest telecom operator.

With an offer size of CHF 2.274 billion (including Over-Allotment Option), the Sunrise IPO was the largest Swiss IPO since 2006 and the largest telecoms IPO in the EMEA region since 2004.

On 5 February 2015, the Sunrise shares were priced at CHF 68 per share. As a result of intense investor demand, the selling shareholder increased the number of shares sold, resulting in an increase of the deal size by approximately one fifth. Trading in Sunrise shares on SIX commenced on 6 February 2015. On 11 February 2015, the Joint Bookrunners exercised the Over-Allotment Option in full.

The IPO further comprised several IPO related refinancing transactions of Sunrise, including the issuance of 2.125% CHF 500 million senior secured notes due 2022 which priced on 10 February 2015, new credit facility agreements and an innovative handset receivables factoring agreement. NKF also acted as Swiss counsel to the financing banks in these transactions.

The NKF team comprised partners Philippe Weber, Daniel Bono, Marco Häusermann and Markus Kronauer (tax), senior associates Christina Del Vecchio, Arie Gerszt and Mario Erni (tax), associate Christine Hohl and junior associate Samuel Hochstrasser. 

Legal Developments by:
Niederer Kraft Frey AG

  • GrenzĂĽberschreitende Finanzdienstleistungen

    Der Finanzbereich ist auch in der Schweiz einer der am stärksten regulierten Wirtschaftzweige. Sich darin zurechtzufinden ist nicht immer einfach. Nachfolgende Ausführungen sollen dazu einen Einstieg vermitteln. Sie zeigen, dass die Schweiz im Gegensatz zum Ausland und abgesehen vom Bereich der kollektiven Kapitalanlagen und der Versicherungsprodukte, was die Zulässigkeit von grenzüberschreitend angebotenen Finanzdienstleistungen anbelangt, ein sehr liberales Regime kennt.
    - Niederer Kraft & Frey

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