Ropes & Gray Advises Liberty Latin America on Financing Aspects of its $1.95 Billion Acquisition of AT&T’s Operations in Puerto Rico and the US Virgin Islands

Ropes & Gray has advised Liberty Latin America on the financing aspects – which included both bank and bond financing – of its $1.95 billion acquisition of AT&T’s operations in Puerto Rico and the US Virgin Islands. 

The deal – which will create the leading integrated consumer and B2B communications and entertainment provider in Puerto Rico – was financed through a combination of $2.2 billion in borrowings on the combined Acquisition Assets and Liberty Puerto Rico (including refinancing $922.5 million in existing term loans at Liberty Puerto Rico) and the remaining approximately $750 million from Liberty Latin America’s committed liquidity of $2.0 billion at June 30, 2019. The financing comprises of a $1.0 billion term loan B facility and the issuance of $1.2 billion 6.750% senior secured notes due 2027. 

The acquisition is subject to the customary closing conditions, including reviews by the United States Federal Communications Commission and the Department of Justice. The deal is expected to close in Q2 2020. 

The Ropes & Gray team was led by finance partners Jane Rogers, Robert Haak and Alex Robb. Jane Rogers advised on the bank financing aspects of the deal. Robert Haak advised on the bond financing aspects of the deal, supported by finance associate Ashish Alexander. All members of the team are based in the firm’s London office.