Simpson Thacher Represents Dealer Managers and Solicitation Agents in Exchange Offer and Consent Solicitation by Total Play Telecomunicaciones, S.A.P.I. de C.V.
02.21.25
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The Firm represented the dealer managers and solicitation agents in connection with the offer by Total Play Telecomunicaciones, S.A.P.I. de C.V. to exchange all of its outstanding 6.375% Senior Notes due 2028 (the “existing notes”), and a corresponding cash payment, for new 11.125% Senior Secured Notes due 2032 (the “new notes”) and the solicitation of consents to certain proposed amendments to the indenture for the outstanding notes. To be eligible to participate in the exchange offer, tendering holders were required to deposit US$450 in cash for each US$1,000 aggregate principal amount of existing notes tendered. Holders whose existing notes were accepted in the exchange offer received US$1,450 aggregate principal amount of new notes in exchange for each US$450 in deposited cash and US$1,000 in tendered existing notes. The new Senior Secured Notes are secured by a first priority interest in a Mexican irrevocable administration and source of payment trust holding certain receivables of Total Play and a Mexican irrevocable security and administration trust holding assets comprised of Total Play’s fiber optic network.
Total Play is a leading, high-growth, Mexican telecommunications company dedicated to providing broadband, entertainment and productivity services over one of the largest fiber-only networks in Mexico.
The Simpson Thacher team included S. Todd Crider, Kirsten L. Davis and Marcelo B. Lorenzen (Latin America - Capital Markets); and Michael E. Mann (Tax).