Editorial

11 Mar 2013 Arqiva Financing Whole Business Securitisation

Arqiva Financing Whole Business Securitisation - UK company Arqiva owns regulated terrestrial TV and radio infrastructure, wireless towers and satellite transmission services in the UK. Its comprehensive refinancing package consists of capex, working capital and liquidity facilities, a whole business securitisation and a high-yield bond offering. The high-yield bond is structurally subordinated to the securitisation. The securitisation notes are BBB by Fitch and the high-yield notes are B-. This structure is a welcome issuance in the whole business sector and continues the recent trend of high-yield bonds supporting the corporate securitisation as was seen the February 2012 Center Parcs deal (albeit in a different structure). (Allen & Overy advised the Borrower in all aspects of the refinancing).

Financial Centre : London
Law Firm : Allen & Overy
Lawyer : Vanessa Hardman

Practice Area : Debt Capital Markets
Classification : Securitisation and Structured Finance
Sub-classification : Corporate Securitisation
Industry : Fixed Line Telecommunications

Advised Party : Originator
Value Range : USD500.01-1000.00M equiv

Assets Jurisdiction : United Kingdom
Issuer Jurisdiction : United Kingdom

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Financial Centre : London
Law Firm : Allen & Overy
Lawyer : Simon Roberts

Practice Area : Debt Capital Markets
Classification : High-Yield Bonds
Sub-classification :
Industry : Fixed Line Telecommunications

Advised Party : Issuer
Value Range : USD500.01-1000.00M equiv

Issuer : United Kingdom
Listing : United Kingdom

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Financial Centre : London
Law Firm : Allen & Overy
Lawyer : Simon Roberts

Practice Area : International Finance and Bank Credit
Classification : Syndicated and Bilateral Loans
Sub-classification : Syndicated Loans
Industry : Fixed Line Telecommunications

Advised Party : Borrower
Value Range : USD500.01-1000.00M equiv

Borrower : United Kingdom
Lender : United Kingdom