Digicel’s $600 Million Senior Secured Notes Offering


Davis Polk advised Digicel Holdings (Bermuda) Limited (“Holdings”) and Digicel International Finance Limited (“DIFL”) in connection with the offering by Holdings and DIFL of an aggregate of $600 million of 8.750% senior secured notes due 2024.

The notes were sold pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The notes are guaranteed by each of DIFL’s subsidiaries that is an obligor or guarantor under DIFL’s secured credit facility and will be secured on a first priority basis by liens on all the assets that secure DIFL’s secured credit facility, which liens will be equal in priority to the liens securing DIFL’s secured credit facility.

Digicel is a leading provider of wireless communications services in the Caribbean region, operating in 25 local markets.

The Davis Polk capital markets team included partner Michael Kaplan (Picture) and associates Roshni Banker Cariello, Zoey Hitzert and Isabel Rivera. The credit team included partner Joseph P. Hadley and associates Adela Troconis and Aviv Avnon. Partner Christophe Perchet and associate Géraldine Fromage provided French corporate advice. Partner Rachel D. Kleinberg provided tax advice.

Cahill advised acting as initial purchasers on the offering with a team including William M. Hartnett, William J. Miller, Josiah M. Slotnick, Yekaterina Fomitcheva, Stephen G. Harper, Joseph T. Lumley, Devon L. McLaughlin and Kaitlyn M. Pasco.

Involved fees earner: Aviv Avnon – Davis Polk & Wardwell; Roshni Banker Cariello – Davis Polk & Wardwell; Geraldine Fromage – Davis Polk & Wardwell; Joseph P. Hadley – Davis Polk & Wardwell; Zoey Hitzert – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Christophe Perchet – Davis Polk & Wardwell; Isabel Rivera – Davis Polk & Wardwell; Adela Troconis – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Digicel;

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Author: Ambrogio Visconti