Simpson Thacher advises on Total Play’s exchange offer
Simpson Thacher & Bartlett has represented the dealer managers and solicitation agents in a debt exchange offer by Total Play Telecomunicaciones, a leading Mexican telecommunications company. The transaction involved the exchange of Total Play’s outstanding 6.375% Senior Notes due 2028 for new 11.125% senior secured notes due 2032, along with a cash component.
The exchange offer required tendering holders to deposit US$450 in cash for every US$1,000 of existing notes. In return, holders received US$1,450 in new notes for each combination of US$450 cash deposit and US$1,000 of tendered existing notes. The new senior secured notes are backed by a first priority interest in a Mexican irrevocable administration and source of payment trust holding certain Total Play receivables, as well as a Mexican irrevocable security and administration trust containing assets from Total Play’s fiber optic network.
Total Play, known for its high-growth trajectory in the Mexican telecommunications sector, operates one of the country’s largest fiber-only networks, providing broadband, entertainment, and productivity services.
The Simpson Thacher team advising on this transaction was led by S. Todd Crider (pictured), head of the firm’s Latin America practice and partner. He was supported by senior counsel Kirsten L. Davis and associate Marcelo B. Lorenzen, from the Latin America Capital Markets team.
