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Weil Gotshal & Manges, Clifford Chance and Uria Menendez have claimed leading roles on Spanish telecoms operator ONO’s €3.5bn (£3bn) refinancing package.
Corporate partner Marco Compagnoni led the Weil Gotshal team acting for around 70 per cent of ONO shareholders, including a number of private equity funds. Capital markets partner Peter Schwartz and tax partner Brenda Coleman also worked on the transaction.
ONO turned to longstanding adviser Clifford Chance on the refinancing, which will see lenders issue new debt and shift existing tranches of debt into a forward start facility that commits lenders to repay existing facilities when they mature.
Banking partner Carlos Hernandez-Canut, who has acted for ONO for more than a decade, led the way, with corporate partner Javier Garcia de Enterria and London-based US securities partner John Connolly also advising.
Uria Menendez acted for the group of around 60 entities that formed the consortium of lenders on both the existing financing and the new deal. Banking partner Sebastian Saenz de Santa Maria led the Uria team.
Weil Gotshal was assisted by Garrigues corporate partner Jose Maria Gil-Robles Casanueva on some Spanish law aspects.
Besides the new credit facilities, the deal also saw shareholders contribute up to €200m in additional funding to support the company’s liquidity.