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Ropes & Gray Advises on €405m Refinancing of All3Media

Practices: Finance

Ropes & Gray has advised Liberty Global on a €405m first lien syndicated term loan B and £75m privately placed second lien refinancing of its joint venture with Discovery Communications All3Media, a leading UK-based TV production company behind shows that include Fleabag and Call the Midwife. Proceeds of the deal will refinance All3Media’s existing external debt and add cash on balance sheet. 

The Ropes & Gray team was led by finance partner Alex Robb, together with finance associate Mark O’Connor, both based in London. 

Ropes & Gray has advised Liberty Global on in excess of £30 billion of term loan B and high yield bond refinancings in the last two years across portfolio companies including Ziggo, UPC, Virgin Media, Unitymedia and Telenet. The All3Media refinancing, represents the last key portfolio company to undertake such a refinancing. 

The deal builds on what has been a stellar start to 2019 for the Ropes & Gray London Finance Group.  In the first half of 2019, the seven-strong partner team of English and US qualified lawyers, supported by one counsel and 16 associates has acted on approximately $9.6 billion aggregate principal amount of transactions covering the full spectrum of leveraged finance products: syndicated loans, high yield bonds and privately placed credit, tapping both the US and European debt markets. 

Alex Robb, finance partner at Ropes & Gray, said: “Ropes & Gray has a long standing relationship with Liberty Global and we were delighted to be able to leverage our extensive experience in the European TMT sector to support them on this refinancing. The London team’s knowledge of US and European debt markets and innovative financing structures, across both bank and bond products, offers clients maximum flexibility in their choice of debt instrument to create solutions for all of their financing needs from one time zone.”

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