The Firm represented Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and the other initial purchasers in connection with the inaugural offering by ATP Tower Holdings, LLC (“ATP”) and certain of its subsidiaries as co-issuers of an aggregate principal amount of US$375 million of its 4.05% Senior Secured Notes due 2026. Obligations under the notes are guaranteed by ATP’s Chilean, Colombian and Peruvian subsidiaries that operate its fiber business and are secured by the pledge of the common stock of the co-issuers (other than ATP) and the guarantors. The notes were offered and sold in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended, and will be listed on the Official List of the Irish Stock Exchange, and admitted to trading on the Global Exchange Market of that exchange.
The Firm also represented The Bank of Nova Scotia, as administrative agent, and the lenders in connection with ATP’s new US$45 million senior secured revolving credit facility. Obligations under the revolving credit facility are guaranteed by the subsidiaries of ATP that guarantee the notes, and benefit from the same collateral as the notes.
The net proceeds from the offering of the notes were used to repay obligations under existing indebtedness of ATP and certain of its subsidiaries and to pay fees and expenses relating to such repayment.
ATP, together with its subsidiaries, is the largest privately-owned provider of telecommunications and digital infrastructure in the Andean region (defined as Chile, Colombia and Peru) in terms of numbers of towers. ATP and its subsidiaries own and operate more than 3,100 tower assets in the Andean region and own and provide access services through more than 3,500 kilometers of laid fiber in the Andean region.
The Simpson Thacher team included Juan Francisco Mendez, Kirsten L. Davis and Laura Ribero (Capital Markets and Banking and Credit); Jonathan Cantor and Dmitry Zelik (Tax); Jonathan Lindabury and Nathan Utterback (Derivatives); and Soogy Lee (Restructuring).