Baker McKenzie assists Liberty Latin America’s AT&T asset acquisition
Baker McKenzie has acted for a leading investment bank as placement agent in connection with Liberty Latin America’s $1.95bn acquisition of AT&T’s operations in Puerto Rico and the US Virgin Islands.
Liberty Latin America is a communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, UTS and Cabletica.
The financing involved a private placement add-on of $90 million of senior secured notes by LCPR Senior Secured Financing Designated Activity Company (the issuer).
The additional notes were sold as an additional issuance of the Issuer’s outstanding 6.750 per cent senior secured notes due 2027 that were originally issued on October 25, 2019 in an aggregate principal amount of $1.2 billion.
The gross proceeds of the additional notes will be placed into an escrow account, together with all other funds, securities, interest, dividends, distributions and other property and payments credited to the escrow account, including the gross proceeds of the sale of the original notes, pending consummation of Liberty Communications PR Holding’s $1.95 billion acquisition of AT&T’s operations in Puerto Rico and the US Virgin Islands.
Commenting on the deal, Baker McKenzie’s New York-qualified London-based partner Haden Henderson (pictured) said, “This deal highlights the continued growth and strength of our bank-side offering following on from our recent representations on VEON’s $6.5 billion issuance programme, Teva Pharmaceutical’s $2.1 billion bond issuance and Cabot’s €400 million high yield bond issuance.”
“It was great to support Liberty Latin America and its advisers on this transaction,” he said.
Henderson was supported by associates Samantha Greer and Andrew J. Brown.
