Ropes & Gray Advises UPC Holding on €855 Million Debt Buyback

In The News
April 13, 2022

Ropes & Gray has advised UPC Holding B.V. (UPC Holding) and its subsidiaries on a successful debt buyback transaction pursuant to a modified Dutch auction process, comprising a concurrent solicitation of offers in respect of outstanding senior notes, senior secured notes and senior secured term loans. Approximately €855 million (equivalent) in aggregate principal amount of notes and term loans were accepted for purchase, allocated across tranches. 

This transaction follows Ropes & Gray advising UPC Holding on the financing aspects of its public-to-private acquisition of Swiss telecoms group Sunrise Communications Group and the recent sale of its operating business in Poland to Iliad S.A.’s Polish mobile subsidiary, Play. 

UPC Holding is an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe. Its continuing operations comprise businesses that provide residential and business-to-business (B2B) communications services in Switzerland and Slovakia. 

Ropes & Gray finance partners Jane Rogers and Rob Haak, with finance associates Felipe Lima, Clara Melly and Priyambada Das, all based in London, advised on the bond aspects of the transaction. Finance partner Alex Robb with finance associate Sean Darling and trainee Adam Wilson, also based in London, advised on the loan aspects of the transaction. 

Ropes & Gray's London finance team is a leading legal adviser in public and private high yield markets, as well as syndicated and take and hold loan financings. Ropes & Gray is one of a select group of law firms with on-the-ground London capability to execute private credit transactions, high yield bond offerings and term loan facilities under both English and New York law. This provides the firm’s European-based clients with cross-border and cross-product expertise with the flexibility and responsiveness of being in the same time zone.  Additionally, coupled with the firm’s international capabilities, the team is able to advise on all forms of leveraged and event-driven finance transactions across the capital structure and jurisdictions, providing seamless coverage across products and time zones.