White & Case European High Yield Practice Follows Strong Q1 by Advising Wind Acquisition Finance S.A. and Wind Telecomunicazioni S.P.A. on €3.75 Billion Issuance of Dual-Tranche Senior High Yield Bonds
Global law firm White & Case LLP has advised WIND Telecomunicazioni S.p.A., a leading Italian telecoms operator, and its wholly-owned subsidiary Wind Acquisition Finance S.A. (WAF) on a corporate refinancing that includes a new €3.75 billion issuance of dual-tranche senior high yield bonds.
The deal also involved the receipt of consents to the refinancing transaction under the company’s senior credit facilities and WAF’s outstanding high yield bonds and the simultaneous tender offer to holders of WAF’s and the issuer-subsidiary of WIND's parent’s high yield bonds that were being refinanced.
London-based White & Case partner Rob Mathews, Regional Section Head, EMEA Capital Markets, said: "We were very pleased to support our long standing relationship with the WIND group on the successful completion of this very substantial refinancing.
"It is further evidence of the Firm’s strength and highly impressive track record in advising on complex bond/bank refinancing transactions in Europe for which we’re able to combine the capabilities of lawyers based in the US, EMEA and Asia to the benefit of our clients worldwide."
During the first quarter of 2014, the European high yield bond deals on which White & Case has advised have included: Israel's B Communications on its innovative debut US$800 million high yield bond offering, the first internationally marketed high yield bond to be listed on the Tel Aviv Stock Exchange; Polish mobile telecoms operator P4 Sp. Z o.o., which trades as Play, on its groundbreaking, inaugural €870 million and PLN 130 million, dual-tranche high yield bond issue and entry into a new super senior revolving credit facility; and Zlomrex International Finance S.A. on the restructuring of its approximately $118 million outstanding senior secured high yield notes due 2014.
The White & Case team which advised the WIND group was led by partners Rob Mathews (London) and Chris Utting (Johannesburg) and included partners Jill Concannon (London), Michael Immordino (London/Milan), Ingrid York (London), David Barwise (Singapore) and Ray Simon (New York) with support from local partner Iacopo Canino (Milan) and associates Wesley Budler, James Greene, Matthew Danforth, Nilima Shah, Richard Blackburn, Jennifer Reiss, Carina Radford, Anastacia Kharitonova (all London) and Silvia Pasqualini (Milan).
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