Global law firm Freshfields has represented a syndicate of initial purchasers on an upsized $1 billion Rule 144A and Regulation S issuance of Senior Secured Notes due 2032 by Sable International Finance Limited, a subsidiary of Cable & Wireless Communications Limited. The proceeds of the offering were used to refinance the Cable & Wireless group’s outstanding Senior Secured Notes due 2027 in full, and a portion of its outstanding Senior Notes due 2027. In connection with the offering, the Cable & Wireless group also entered into certain maturity extension amendments to the group’s revolving credit facilities. Together, these transactions address a significant portion of the Cable & Wireless group’s near-term debt maturities and pave the way for the group to opportunistically manage its maturity profile in the future.

The Freshfields team was led by leveraged finance and capital markets partner Haden Henderson alongside senior associate, Shruti Dusaj, and associates Ahmed Yacout, Ariane Choupo and Mitchell Howell. The team was also supported on English law matters led by leveraged finance partner Toby Bingley alongside associate Marco Hughes.

The transaction represents another example of a market leading cross-border transaction by Freshfields’ high yield team, which has an established reputation for providing strategic, commercial and practical guidance on the most challenging and complex high yield bond offerings worldwide.