PPF Arena 1 B.V.’s €3 billion Euro Medium Term Note Programme and debut offering of €550 million


White & Case LLP has advised PPF Arena 1 B.V. on the establishment of its €3 billion Euro Medium Term Note Programme and the debut issuance of €550 million 3.125% notes due March 2026 thereunder

The PPF Arena 1 B.V. group is a leading provider of telecommunication services in the CEE region, consolidating telecommunication activities of the global investment group PPF across six national markets. Its subsidiaries include O2 Czech Republic a.s. and Ceská telekomunikacní infrastruktura a.s. (CETIN) in the Czech Republic, O2 Slovakia s.r.o. in Slovakia and the former subsidiaries of the Telenor Group in Hungary, Bulgaria, Serbia and Montenegro acquired by PPF Arena 1 B.V. in 2018.

The notes are unconditionally and irrevocably guaranteed by certain subsidiaries of PPF Arena 1 B.V. and are initially secured by a common security package over the group’s assets in multiple jurisdictions alongside the senior bank debt of PPF Arena 1 B.V., which added to the significant complexity of the deal. The notes are admitted to trading on the Global Exchange Market of Euronext Dublin and are rated BBB- by Fitch, Ba1 by Moody’s and BB+ by Standard & Poor’s.

The Firm’s work on this matter demonstrates its capability advising on pioneering capital markets deals, particularly complex international securities transactions. As the transaction also involved extensive amendments to the issuer’s existing bank debt, it highlighted the strength of the Firm’s Prague office in advising on complex bank financing matters.

The White & Case capital markets team that advised on the transaction was co-led by local partner Petr Hudec (Picture) and partners Stuart Matty and James Greene (both London), who were assisted by associates Erik Illmann and Jan Vacula (both Prague) and Rebecca King and Nikita Thrakar (both London). The bank finance team was led by partner Jonathan Weinberg (Prague).

Involved fees earner: James Greene – White & Case; Petr Hudec – White & Case; Erik Illmann – White & Case; Stuart Matty – White & Case; Nikita Thakrar – White & Case; Jan Vacula – White & Case; Jonathan Weinberg – White & Case;

Law Firms: White & Case;

Clients: PPF Arena 1 BV;