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White & Case Advises PPF Arena 1 B.V. on €500 Million Debt Issuance

Global law firm White & Case LLP has advised PPF Arena 1 B.V. on the issuance of €500 million 2.125% notes due 31 January 2025 admitted to trading on the Global Exchange Market of Euronext Dublin. 

The notes are guaranteed by certain subsidiaries of PPF Arena 1 B.V. and secured by a common security package over the group’s assets in multiple jurisdictions alongside the pari passu senior bank debt. BNP Paribas, HSBC France, Société Générale and UniCredit Bank AG acted as global coordinators and joint lead managers, and Crédit Agricole CIB, Credit Suisse Securities (Europe) Limited and PPF banka acted as co-managers.

The transaction follows the establishment of the €3 Billion Euro Medium Term Note Programme, under which the notes are issued, and the successful debut international offering of €550 million 3.125% notes due March 2026 thereunder, on which White & Case advised PPF Arena 1 B.V. earlier this year.

The PPF Arena 1 B.V. group is a leading provider of telecommunication services in the CEE region consolidating telecommunication activities of the global investment group PPF across six national markets. Its subsidiaries include O2 Czech Republic a.s. and Česká telekomunikační infrastruktura a.s. (CETIN) in the Czech Republic, O2 Slovakia s.r.o. in Slovakia and the former subsidiaries of the Telenor Group in Hungary, Bulgaria, Serbia and Montenegro acquired by PPF Arena 1 B.V. in 2018.

The White & Case team that advised on the transaction was led by local partner Petr Hudec (Prague) and included partner Stuart Matty (London) and associates Petr Šmerkl and Jan Vacula (both Prague) and Neha Saran (London). The bank finance team was led by partner Jonathan Weinberg (Prague).

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