Milbank Advises Zegona Communications Plc in Connection with Refinancing

Milbank LLP advised Zegona Communications plc and certain subsidiaries in connection with its TLB loan of €575 million to refinance, among other things, Zegona’s existing term loan A that was originally drawn to support the acquisition of Vodafone Spain for an enterprise value of €5 billion on May 31, 2024, and its private offering of €150 million 6.750% senior secured notes due 2029 to refinance certain of the Group’s indebtedness together with the payment of costs, fees and expenses in connection with the foregoing.

Zegona was established in 2015 with the objective of investing in businesses in the European telecommunications, media and technology sector and improving its performance to deliver attractive shareholder returns. The acquisition of Vodafone Spain, completed on May 31, 2024, marked Zegona's third transaction in Spain. Vodafone Spain has a significant share in the domestic mobile, fixed broadband and TV markets, operating across the value spectrum with two strong offerings – Vodafone and Lowi – providing comprehensive low- to high-end offerings.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Tim Peterson, Sarbajeet Nag and Rebecca Marques with associates Alex Taylor, Lefteris Dafermos, Argyll Reid, Facundo Gonzalez Bustamante and Michail Plataniotis and trainee Eve Murphy.