Freshfields Acted on €1.2 Billion Global Refinancing of Phoenix Tower International's European Operations

Freshfields Acted on €1.2 Billion Global Refinancing of Phoenix Tower International's European Operations

Freshfields Bruckhaus Deringer (Freshfields), an international law firm, is advising Phoenix Tower International, a Blackstone portfolio company, on the €1.2 billion global refinancing of its European operations.

Phoenix Tower International, a leading owner and operator of telecom towers, has a significant presence in Europe, with operations in France, Italy, Ireland, Malta, and Cyprus.

The refinancing, which included a full corporate reorganisation of Phoenix Tower International's European corporate structure, simplified the capital structure, reduced pricing, and provided access to incremental funds to support the group's future growth in Europe. The transaction also includes sustainability objectives for the company. Freshfields has previously advised Phoenix Tower International on almost all of its acquisitions and financings completed in Europe since 2019.

"The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers," Commenting on the transaction Dagan Kasavana, Chief Executive Officer of PTI, said.

Freshfields is advising Phoenix Tower International on all aspects of this multi-jurisdiction refinancing, from structuring to closing, including the book-building process and hedging strategies. The cross-practice team is comprised of lawyers from the firm's global transactions (both finance and corporate), tax, and antitrust practice groups. The transaction involves teams in France, England, Spain, and Italy, as well as StrongerTogether teams in Ireland, Malta, and Cyprus.

The transaction was led by partners Fabrice Grillo and Sami Jebbour, based in Paris. The Paris team also included partner Marie Roche, counsels Thomas Jeannin and Aïleen Legré, and associates Joaquim Traoré, Maha Alami, and Elodie Soler. French tax advice was provided by Paris partner Vincent Daniel-Mayeur, counsel Thomas Metayer, and associate Edouard Laperrière.

English law advice was provided by London partners Jenny Mcivor and Richard Hart, counsel Matthew Dodwell, and associates Edmund Barber and Pete Ma. Spanish law advice was provided by Madrid partners Iñaki Gabilondo and Bosco Montejo, senior associate Victoria Bobo, and associates Inés Colás, Carmen Delgado, and Adrian Adrianov. Italian law advice was provided by Milan partner Francesco Lombardo, counsel Giuliano Marzi, senior associates Barbara Degli Esposti and Toni Marciante, and associates Giulia Pagliani, Costanza Cascone, and Chiara Novelli. Maltese law advice was provided by Ganado Advocates. Cypriot law advice was provided by Georgiades & Pelides LLC. Irish law advice was provided by Arthur Cox.

Allen & Overy represented Deutsche Bank AG and Natixis as Mandated Lead Arrangers and Lead Bookrunners on a transaction, along with other lenders led by ABN Amro Bank, ING Bank, and Scotiabank. ING Bank is also acting as the Sustainability Coordinator.