SUNRISE COMMUNICATIONS GROUP AG Investor Information
Opfikon, June 15th, 2020; 18:00 CET
Sunrise to request release of security under Senior Facilities Agreement and 2018 CHF Senior Secured Notes
- Following recent rating upgrade, Sunrise meets conditions to request release of security
- Release of security is expected to be effective during the course of June 2020
- Following release of security, Sunrise's obligations under the Senior Facilities Agreement and its 2018 CHF Senior Secured Notes will be unsecured obligations
Following the Fitch Ratings recent upgrade of Sunrise's Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+', Sunrise now meets the conditions to request the release of security granted in connection with its Senior Facilities Agreement (with Sunrise Communications Holdings S.A. and Sunrise Communications AG, as the borrowers) and its 2018 CHF Senior Secured Notes (with Sunrise Communications AG as issuer) (Ticker: SUN18 / ISIN: CH0398633237).
The release of security is permitted once Sunrise's long-term corporate credit rating is equal to or better than Baa3 or BBB- (as applicable) according to at least two leading, internationally recognized rating agencies. Sunrise has previously been rated as BBB- by Standard & Poor's. In addition, both Standard & Poor's and Fitch Ratings have reassigned their corporate issuer rating to the listed Sunrise Communications Group AG.
Sunrise requested, on or about today's date, the release of security and it is expected that such release will become effective during the course of this month. As of such effective date, Sunrise's obligations under the Senior Facilities Agreement and Sunrise's 2018 CHF Senior Secured Notes will be unsecured obligations.
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Tensid EQS Ltd., Switzerland www.tensid.ch |
newsbox.ch www.newsbox.ch |
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