United Group Completes €1.35 Billion Senior Secured Notes Offering
08.04.17
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Simpson Thacher represented United Group B.V., a KKR portfolio company, in connection with a Rule 144A and Regulation S offering of €575 million in aggregate principal amount of its 4.375% Senior Secured Notes due 2022, €325 million in aggregate principal amount of its 4.875% Senior Secured Notes due 2024 and €450 million in aggregate principal amount of its Floating Rate Senior Secured Notes due 2023. United Group also entered into a €100 million super senior revolving credit facility agreement to replace its prior revolving credit facility. The transaction closed on July 27, 2017. United Group used the net proceeds from this offering primarily to redeem in full its €775 million 7.875% Senior Secured Notes due 2020, repay the outstanding borrowings under its revolving credit facility, repay the outstanding borrowings under its parent’s PIK facility, and finance the acquisition of pay-TV channels in Slovenia and Croatia from CME Media Enterprises B.V.
United Group is a leading provider of cable and satellite pay-TV, broadband internet, mobile and other telecommunications services in the former Yugoslav region.
The Simpson Thacher team included Nick Shaw, Uma Sud, Noam Katz, Cleo Koh, Hillyer Jennings, Chrystel Marincich and Donovan Westbrook (Capital Markets); Shahpur Kabraji, Jennifer Passagne and Katie Geraghty (Credit); and Jonathan Cantor and William Smolinski (Tax). Summer Associate Brian Kloeblen also provided valuable assistance.