Zürcher Kantonalbank arranges CHF 1.2bn refinancing for Swisscom AG

Niederer Kraft Frey advised Zürcher Kantonalbank, acting as agent and arranger, and the banking syndicate, on the refinancing of Swisscom AG’s existing syndicated CHF 1 billion credit facility with a CHF 1.2 billion syndicated credit facility. The credit facility agreement is one of the first Swiss financing transactions that provides for a rate switch mechanism regarding the change of the base rate used for the calculation of interest from CHF LIBOR to a risk-free base rate (SARON). Swisscom AG, listed on SIX Swiss Exchange, is Switzerland’s largest telecommunications provider with group-wide revenues of over CHF 11 billion in 2020 and a headcount of more than 19,000 employees.

The NKF team was led by M&A/Finance partners Till Spillmann and Adrian Koller, working with junior associate Selim Lötscher (M&A/Finance).