Linklaters have advised Morgan Stanley Infrastructure Partners (MSIP) in its capacity as majority shareholder of Tele Columbus AG (the Company) in relation to the financial restructuring of the Company’s senior debt due 2025. The Company is one of the leading operators of fibre networks in Germany.
The transaction involves the:
- amendment of the Company’s €1.1bn of senior debt via an English Law Scheme of Arrangement to extend the maturity to 2029, provide a margin uplift and harmonise the covenants between the Senior Secured Notes and Senior Facility Agreement;
- addition of a new Luxembourg holding structure; and
- €300 million new equity capital commitment from MSIP with €180m being provided on closing by MSIP.
The Transaction provides the Company with significant fresh capital and a strengthened balance sheet. The stability provided will allow the Company’s management to focus on the successful implementation of the build out of its business plan.
The Linklaters team was led by Rebecca Jarvis (Partner, London Restructuring and Insolvency) supported by Mario Pofahl (Partner, Hamburg Corporate), Sabine Vorwerk (Partner, Frankfurt Banking), Giacomo Reali (Partner, London High Yield), Andrew Jennens (Partner, London Leverage Finance), Matthew Baumann (Senior U.S. Associate, London High Yield), Sam Kennerley (Managing Associate, London Restructuring and Insolvency) and Maximilian Mann (Managing Associate, Hamburg Corporate). The team was also supported by a cross-border team of colleagues across various jurisdictions and practices.
