Leading global law firm Baker McKenzie advised a syndicate of eight initial purchasers on the US $1.15 billion high yield bond issuance by the VTR, a subsidiary of Liberty Latin America and leading provider of video, broadband internet, fixed-line and mobile telephony services in Chile. The issuance was comprised of a US $600 million aggregate principal amount of 5.125% senior secured notes due 2028 issued by VTR Communicaciones SpA and a US $550 million aggregate principal amount of 6.375% senior notes due 2028 issued by VTR Finance N.V.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC acted as Global Coordinators and BNP Paribas, Credit Suisse, Deutsche Bank, Morgan Stanley, Santander and Scotiabank acted as Joint Bookrunners in connection with the transaction.

Baker McKenzie New York-qualified London-based partner, Haden Henderson said of the deal, “It’s been a pleasure to work with Liberty Latin America, VTR and the initial purchasers on such a high profile transaction. Providing advice to the initial purchasers on New York, English and Dutch law across this particular financing plays precisely to our strength in cross-border leveraged finance transactions and our expertise in the TMT sector.”

The Baker McKenzie team was led by London-based partner Haden Henderson, supported by associates Samantha Greer, Benjamin Bierwirth, Andrew J Brown, Luke Hackett, Sven Bates and trainee Chloe Potter. The London team was supported by teams from the Firm’s offices in Amsterdam (partner Philippe Steffens and associates Emilie Huberts and Jot van Suijlen) and in the US (partners Kai Kramer, Patricia McDonald and Terry Gilroy and associate Ross Staine).

The transaction launched on 22nd June, with pricing on 24th June and closing 1st July.

The VTR issuance represents the latest example of cross border deals advised by Baker McKenzie’s high yield team in London. Earlier in the year the team advised a leading investment bank, as placement agent, on a private placement add-on of US $90 million of 6.750% Senior Secured Notes due 2027 by LCPR Senior Secured Financing Designated Activity Company in connection with Liberty Latin America's US $1.95bn acquisition of AT&T’s operations in Puerto Rico and the US Virgin Islands. Other recent transactions include representing the dealers and managers on the establishment of VEON's US $6.5bn issuance programme, fourteen initial purchasers on Teva Pharmaceuticals’ US $2.1 billion bond issuance, and similarly nine initial purchasers of Cabot Credit Management’s US $400 million bond issuance.
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