Milbank Advises Zegona Communications plc on €3.7B Refinancing of Vodafone Spain

Milbank LLP advised Zegona Communications plc and certain of its subsidiaries in connection with a comprehensive €3.7 billion refinancing, comprising:

• a new €1.35 billion term loan A facility due 2031;
• a new €1.283 billion term loan B facility due 2032;
• a new €500 million undrawn revolving credit facility; and
• an offering of €1.1 billion aggregate principal amount of senior secured notes due 2032.

Zegona operates businesses across the European telecommunications, media and technology sector and is listed on the London Stock Exchange under the ticker symbol “ZEG.”

Zegona has a market capitalization of approximately €4 billion. Vodafone Spain has a significant presence in the Spanish mobile, fixed broadband and television markets and is the third-largest telecommunications operator in Spain by market share. As of March 31, 2026, it served more than 15.4 million lines and accounted for 13% of the fixed broadband market and 20% of the mobile market in Spain. Vodafone Spain operates across the value spectrum through its two established brands, Vodafone and Lowi, which together offer a comprehensive range of services spanning the value and premium segments.

The Milbank team was led by Capital Markets/European Leveraged Finance partners Rebecca Marques and Sarbajeet Nag, with special counsel Luwam Berhane Mezue; associates Alex Taylor, Facundo González Bustamante, Michail Plataniotis, Eleanor Sutherland and Argyll Reid; and trainee solicitor Mary Harvey-Crawford. Tax matters were handled by partners Andrew Walker (New York) and Alan Rafferty (London), and associates Erika Jensen (New York) and Eamon MacDonald (London).