Jean Paul Farah, Gabriel Robles and Manuel Silva

Ritch Mueller and Cleary on Televisa debt refinancing

Ritch Mueller and Cleary Gottlieb have advised a syndicate of banks, as joint structuring banks and joint lead arrangers, on the refinancing of Grupo Televisa’s (Televisa) existing bank debt.

The refinancing consisted of a two-tranche syndicated credit facility, including a five-year revolving credit tranche for the Mexican peso equivalent of USD $500 million, and a five-year senior unsecured credit tranche for MXN$10 billion.

The company intends to use the proceeds of the facilities to refinance its existing bank debt and for general corporate purposes. The facility became effective on 9 April, and the transaction closed on 11 April, with Mijares Angoitia Cortes y Fuentes (MACF) acting as advisor to Televisa.

The syndicate of banks was led by BBVA Mexico, Banco Santander Mexico and Scotiabank Mexico.

Televisa is a major telecommunications company that owns and operates one of the largest cable companies as well as a leading direct-to-home satellite pay-TV system in Mexico. Televisa also holds a number of concessions from the Mexican government that authorise the company to broadcast programming through television stations.

Ritch Mueller’s team was led by partners Jean Paul Farah Chajín (pictured left) and Gabriel Robles Beistegui (pictured centre), with support from lawyers Manuel Nucci González de Cosío and Rodrigo Vázquez Sainz.

Cleary’s corporate team included partner Manuel Silva (pictured right), associate Laura Daugherty, and international lawyers Mariana Avila Macazaga and Pedro Arango Montes. Partner Matt Brigham and associate Kathy Zhang advised on tax matters. Partner Liz Dyer advised on ERISA matters.

MACF’s team comprised partners Ricardo Maldonado Yañez and Francisco Glennie Quirós, associates Jorge Mendizábal Hori and Mauricio Gual Pons, and law clerk Eduardo Bandera Monter.

L Giselle Estrada