Garrigues advises ATP on its debut on the international debt capital markets and revolving credit facility

Garrigues, acting through its offices in Colombia, Peru and Chile, has counselled Andean Telecom Partners on its debut on the international debt capital markets through a regional debt issuance, together with a revolving credit facility

Garrigues has advised co-issuers:

• ATP Tower Holdings, LLC;
• Andean Tower Partners Colombia SAS;
• Andean Telecom Partners Chile SpA; and
• Andean Telecom Partners Peru S.R.L. (the “Co-Issuers”);

and, guarantors

• ATP Fiber Colombia SAS,
• ATP Fiber Chile SpA; and
• Redes de Fibra del Peru S.R.L. (the “Guarantors”);

in a LatAm regional issuance of 4.05% Senior Secured Notes due 2026, for an amount of $375,000,000 dollars, pursuant to Regulation S and Rule 144A of the U.S. Securities Act of 1933 where Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Scotia Capital (USA) Inc. acted as initial purchasers.

The advisement, also included the Co-Issuers and Guarantors as borrowers and guarantors, respectively, in a revolving credit facility subject to New York law granted by The Bank of Nova Scotia, Goldman Sachs Bank USA and JPMorgan Chase Bank, N.A., acting as lenders, for up to the amount of US$45,000,000 dollars.

This results in a strategic debt issuance of private debt offering and credit facility of the ATP Group, as it will help reduce its financial cost and finance its future growth and marks Andean Telecom Partner’s inaugural debt issuance. These financings were a key milestone for Andean Telecom Partners’ operation in LatAm, allowing for its consolidation as the largest privately-owned provider of telecommunications and digital infrastructure in the Andean region (Colombia, Peru and Chile).

Garrigues counsel Camilo Gantiva (pictured top left), who led the transaction for Garrigues Colombia, was quoted saying “It has definitely been a challenging transaction full of interesting complexities, that will allow Andean Telecom Partners to diversify its funding mix. The positive results achieved reflect the strength of Andean Telecom Partners as a key player in the telecommunications sector on a regional basis.”

Thomas Thorndike (pictured bottom left), Garrigues partner who led the deal for Garrigues Peru, expressed: “The resounding response for ATP’s inaugural debt issuance (oversubscribed several times) sends a clear message from and to the international capital markets with respect to the Andean Region. Furthermore, the fact that the issuance was very well received among investors, underscores the market´s confidence in Andean Telecom Partners´ strategy, ambition and resilient business model.”

In addition, Garrigues partner Pedro García (pictured right), leader of the transaction for Garrigues Chile, said: “The market’s remarkably reception of this transaction reflects the strategic and growing importance of cell phone and Internet access in three of the most dynamic economies of Latin America.”

Garrigues Colombia Team was led by partner Andrés Ordoñez, assisted by counsels Camilo Gantiva and Laura Galeano; senior associates Eduardo Carlos Sanmiguel, Laura Baron and Catalina Reyes; and associates Juan Sebastián Parra and Paula González.

Garrigues Peru Team was formed by partners Thomas Thorndike, Sergio Amiel and Javier de la Vega; principal associate Rafael Martinelli; senior associate Miluska Gutierrez Vega; and associate Maria Paz Delgado and Ian Forsyth.

Finally, Garrigues Chile Team was led by partner Pedro García Morales, along eith counsel Sebastian Ferrer Del Valle; senior associate Daniel Hernández Zapata; and associates Maria Fernanda Jara, Juan Ignacio Lagos and Macarena Fuentes Noguera.