Milbank Advises NJJ Continental on Its Refinancing

Milbank LLP advised NJJ Continental S.A. (the “Company”), the parent company of Salt Mobile S.A. (“Salt”) and Monaco Telecom S.A.M. (“Monaco Telecom”), on (i) an offering of CHF 205 million aggregate principal amount of senior secured notes due 2031, (ii) the repricing of a new €855 million term loan Facility B4, established as an additional facility pursuant to the company’s existing senior facilities agreement and (iii) a private placement of €30 million aggregate principal amount of senior secured notes due 2030.

The proceeds from the financing, together with cash on balance sheet, were used to fully redeem the company’s existing CHF-denominated 5.250% senior secured notes due 2028, prepay the company’s existing term loans, and pay certain fees and expenses in connection with the transactions.

Salt is a leading Swiss telecommunications provider. Monaco Telecom is the primary telecommunications provider in the Principality of Monaco and a leading telecommunications provider in Malta and Cyprus through Epic.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Rebecca Marques and Sarbajeet Nag, associates Manel Mostefaoui, Pranahita Srinivas, Kui To Joshua Mo and trainee solicitor Lara Gharaibeh.