White & Case Advises Initial Purchasers on $225 Bond Issuance by GC Impsat Holdings I Plc
New York, Washington, DC,
February 15, 2007 ... White & Case advised the initial purchasers in connection with GC Impsat Holdings I Plc's offering of $225 million in aggregate principal amount of its 9.875% senior notes due 2017. GC Impsat Holdings I Plc is a wholly owned indirect subsidiary of Global Crossing Limited, a global telecom solutions provider.
Proceeds from the offering will be used to finance a portion of the purchase price of Global Crossing's acquisition of Impsat Fiber Networks, Inc., a leading provider of telecommunication networks and Internet services in Latin America. The proceeds were deposited into an escrow account pending consummation of the acquisition, which is expected to be completed in the first quarter of 2007.
The senior notes were offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S under the Act. Credit Suisse acted as sole bookrunning manager and Deutsche Bank Securities acted as joint lead manager in the offering.
The White & Case team was led by partner Scott Zemser along with Gary Kashar and Daniel Nam. Other White & Case lawyers advising on the transaction were Eric Grannon, Colin Chang, Steven Ross, Ray Simon, Logan Hennessey and Rebecca Rasmussen.
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