Shearman & Sterling represented longstanding client Ziggo B.V on its inaugural investment grade €1.3 billion refinancing of its existing bank facilities, comprising a €750 million offering of 3.625% Senior Secured Notes due 2020, a senior secured term loan of €150 million and a senior secured revolving credit facility of €400 million, in conjunction with the renegotiation of Ziggo’s existing hedging arrangements. The senior secured notes, credit facilities and hedging arrangements rank pari passu and are secured over materially all of the assets of Ziggo and are guaranteed by all of the material subsidiaries of the Ziggo group. The refinancing closed on March 28, 2013.
Ziggo, headquartered in Utrecht, the Netherlands, is the largest cable operator in the Netherlands, offering standard TV, digital pay TV, high-speed broadband internet and telephony services to both consumers and businesses.
The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included partners Apostolos Gkoutzinis (London-Capital Markets), Peter Hayes (London-Finance) and James Duncan(London-Finance), together with counsel Paul Clews (London-Capital Markets), who were assisted by associates Kara Major (London-Capital Markets), Yaw Asare (London-Capital Markets), Chris White (London-Finance), David Shennan (London-Finance), Sara Couling (London-Finance) and Rory Milligan (London-Finance), and international trainee Ana Grbec (London-Capital Markets). Partner Craig Gibian (Washington, DC-Tax) and associate Mary Jo Lang (Washington, DC-Tax) advised on the tax aspects of the transaction.
