Leading global law firm Baker McKenzie acted for a leading investment bank, as placement agent, in connection with the private placement add-on of US $90 million of senior secured notes (the "Additional Notes") by LCPR Senior Secured Financing Designated Activity Company (the "Issuer"). The Additional Notes were sold as an additional issuance of the Issuer’s outstanding 6.750% senior secured notes due 2027 that were originally issued on October 25, 2019 in an aggregate principal amount of US $1,200 million (the "Original Notes"). The gross proceeds of the Additional Notes will be placed into an escrow account (together with all other funds, securities, interest, dividends, distributions and other property and payments credited to the escrow account, including the gross proceeds of the sale of the Original Notes) pending consummation of Liberty Communications PR Holding LP’s US $1.95 billion acquisition of AT&T’s operations in Puerto Rico and the US Virgin Islands.
Commenting on the deal, Baker McKenzie's New York-qualified London-based partner Haden Henderson said: "This deal highlights the continued growth and strength of our bank-side offering following on from our recent representations on VEON's US $6.5bn issuance programme, Teva Pharmaceutical's US $2.1 billion bond issuance and Cabot's €400 million high yield bond issuance. It was great to support Liberty Latin America and its advisors on this transaction."
The Baker McKenzie team was led by London Corporate Finance partner Haden Henderson, supported by associates Samantha Greer and Andrew J. Brown.
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