Allen & Overy has advised on the refinancing of communications infrastructure and media services company Arqiva’s GBP3.4 billion existing senior and mezzanine bank facilities.
Allen & Overy advised Arqiva and its group on all aspects of the financing, which was achieved through a combination of a GBP1.586bn senior debt facility; GBP700 million of working capital, capex and liquidity facilities; GBP750m of securitisation notes; a GBP600m high yield bond issuance, the highest single amount raised through sterling high yield European investors, and an equity contribution from Arqiva’s shareholders. The transaction involved a complex reorganisation of Arqiva’s existing hedging arrangements.
Banking partner Simon Roberts commented: “This deal demonstrates our ability to deliver seamless advice across a range of financial products, in a time frame which ensured best execution for Arqiva.”
Securitisation partner Vanessa Hardman said: “The deal was significant, in terms of its size for Arqiva as a debut issuer and that it accessed both the whole business securitisation and high yield markets simultaneously.”
London-based partner Simon Roberts led the deal, while securitisation advice was provided by partner Vanessa Hardman, hedging and derivatives advice by partner Parya Badie, corporate advice by partner Andrew Ballheimer and tax advice by Vimal Tilakapala. London-based ICM US corporate finance partner Sachin Dave and London-based banking partner George Link also had a role on the deal. They were supported by senior associates John Coburn, Tom Constance, Jean-Baptiste Gaudin, Michele Yeo-Mokhtar, David Duncan, Colin Rice, Ben Brown and Paul Porter.
