Milbank LLP has advised ProSiebenSat.1 Media SE ("P7S1") on a comprehensive "Amend & Extend" transaction of its term loan and revolving credit facilities ("RCF") under its existing Senior Facilities Agreement.
By optimizing the Group's financing, P7S1's existing syndicated facilities agreement has been reduced from €1.95 billion to €1.7 billion and the maturity of the term loans and the credit facilities has been extended. This comprises an extension of €400 million of term loan to April 2025 and of €800 million of term loan to April 2027. The RCF has been extended in the amount of €500 million to April 2027. In parallel, the banking consortium of P7S1 has been realigned.
Before the extension, P7S1 had a term loan with a nominal volume of €1.2 billion and an RCF with an amount of €750 million. The majority of the credit facilities had a maturity in April 2024.
Based in Unterföhring, P7S1 as a digital group combines leading entertainment brands with a strong Dating & Video as well as Commerce & Ventures portfolio under one roof. The company, consisting of around 8,000 employees, has grown dynamically in 2021: the biggest growth driver was the Entertainment segment, with 15 free and pay TV channels in Germany, Austria and Switzerland. At the same time, the broad set-up and overarching cooperation within the group, which P7S1 is driving in all segments, paid off.
The Milbank team that advised P7S1 on financial and tax aspects of the transaction was led by Finance partner Thomas Ingenhoven and included Tax partner Thomas Kleinheisterkamp as well as Finance associate Thomas Möller and Tax associate Arne Hammerich.
