Zürcher Kantonalbank arranges CHF 1.2bn refinancing for Swisscom: the advisor

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, 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.