White & Case Advises Mandated Lead Arrangers on Financing for I Squared Capital's Acquisition of GTT Communications' Telecoms Infrastructure Business
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Global law firm White & Case LLP has advised the mandated lead arrangers on the provision of approximately US$1.1 billion of underwritten facilities for the acquisition of GTT Communications' telecoms infrastructure business by I Squared Capital.
"Infrastructure lenders have developed a good understanding of the integrated nature of multi-jurisdictional, bundled digital infrastructure assets," said White & Case partner Simon Caridia, who led the Firm's deal team. "These assets are not confined to traditional geographic boundaries and require a sophisticated and holistic view of business risk in the context of a global digital economy. We have supported I Squared and its lenders on this complex transaction which involved members of our global infrastructure finance practice in London, New York, Paris, Frankfurt and Milan."
GTT, a major US internet services provider, agreed to sell its infrastructure assets for approximately US$2 billion to I Squared's latest equity fund, ISQ Global Infrastructure Fund III. The assets being sold include 103,000km of fibre networks covering 31 metro areas and connecting 103 cities in Europe and North America, three transatlantic subsea cables, 14 data centres, and over 100 colocation facilities.
The mandated lead arrangers consisted of DNB, Santander, Deutsche Bank, Mizuho, NH Investment & Securities and Korea Transportation Asset Management. The financing was signed on 29 June 2021 with financial close (and completion of the acquisition) taking place on 16 September 2021.
The White & Case team that advised on the transaction included partners Simon Caridia, Ingrid York and Laura Hoyland (all London), Scott Greissman, Rob Bennett, Elizabeth Feld and Armando Rivera Jacobo (all New York) and associates Miles Tonkin, Mark Andrews, Zsofia Cassidy, Eduardo Barrachina and Alexander Miles-Dinham (all London).
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