Simpson Thacher Represents Apax Funds and Warburg Pincus in their Acquisition Financing for T-Mobile Netherlands
01.12.22
This is only gets display when printing
Simpson Thacher advised Funds advised by Apax Partners LLP, together with Warburg Pincus LLC, in their acquisition financing relating to the acquisition of T-Mobile Netherlands Holding B.V. (“T-Mobile Netherlands”) from Deutsche Telekom AG and Tele2 AB. The acquisition financing included a €2.4 billion term loan facility and a €700 million revolving credit facility as well as 144A and Regulation S offerings of €800 million in aggregate principal amount of 3.75% Senior Secured Notes due 2029 and €550 million in aggregate principal amount of 5.5% Senior Notes due 2030. The 144A and Regulation S offerings of Senior Secured Notes and Senior Notes closed on December 23, 2021. Pending consummation of the acquisition, the proceeds from the offerings will be held in segregated bank accounts controlled by the bond issuers.
T-Mobile Netherlands is the largest telecommunications provider in the Netherlands by mobile service revenue. By leveraging its distinctive portfolio of T-Mobile, Tele2, Ben and Simpel brands and its lean, asset-light business model, T-Mobile Netherlands is well-placed to preserve its leadership position in the business-to-consumer mobile market and to expand its fixed internet and business-to-business offerings with a capital-efficient fiber focus.
The Simpson Thacher team included Andrew Bechtel and Hannah Ho (Credit); Nick Shaw, Srishti Gupta, Surya Bala and William Taylor (Capital Markets); Jonathan Cantor, Meredith B. Jones, April McLeod and Beatriz Gil (Tax); and Jeanne Annarumma (ERISA).