Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Tele Columbus AG, one of the leading operators of fiber networks in Germany, on all aspects of a transaction that provides the Company with significant fresh capital from its largest indirect shareholder, and an amend and extend of its c. €1.1bn senior financial debt (including its English law governed senior secured term loan facility (“SFA”) and its New York law governed senior secured notes (“SSNs”). The successful completion of the transaction will allow management to focus on the successful implementation of its business plan and strategy.
The transaction included: (i) a €300m shareholder capital contribution; and (ii) the amendment of its SFA and SSNs (including, among other things, an extension of debt maturities at par until January 2029 and conversion of substantially all current cash interest to PIK with an increase in margin on both instruments plus an exit fee). The amendment of the SFA and SSNs was implemented via an English scheme of arrangement.
Freshfields led a cross-border, multi-jurisdictional and multi-practice group team to deliver a successful outcome for the Company. The Freshfields team was led by partners Marvin Knapp, Catherine Balmond and Lars Westpfahl. They were supported by a team including partners Simone Bono and Christian Ruoff, senior associates Sally Montague, Caroline Platt, Shruti Dusaj, and Simon Fitzpatrick, associates Benedict Kebekus, Christopher Schlöder, Nick Cooper, David Bor, Fabienne Gieshoidt and Sakshi Soni.
