Shearman And Sterling

News October 12, 2015

Shearman & Sterling Advises on Interoute’s €590 Million Inaugural High Yield Notes Offering in connection with the Acquisition of Easynet by Interoute

Shearman & Sterling represented Interoute Finco plc, a wholly owned subsidiary of Interoute Communication Holdings S.A. (“Interoute”) on its inaugural high yield notes offering of €240 million senior secured floating rate notes due 2020 and €350 million 7.375% senior secured notes due 2020 (collectively, the “Notes”). Additionally, Shearman & Sterling’s lawyers advised Interoute in connection with its entry into a new €75 million revolving credit facility agreement.

The net proceeds from the offering, together with equity contributions from Interoute’s shareholders, will be used to finance the acquisition of MDNX Group Holdings Limited, doing business as Easynet (“Easynet”) (the “Acquisition”), as well as to refinance Interoute’s and Easynet’s existing indebtedness and for general corporate purposes. The proceeds from the offering of the Notes will be held in escrow pending the satisfaction of certain conditions precedent, including the completion of the Acquisition. The Acquisition is subject to customary closing conditions.  

Interoute is a leading European information communication technology and cloud computing company offering data transport and information communication products and services across its fibre network and data centre platform. Easynet is a leading European provider of IT infrastructure products and services, which it operates through its integrated pan-European IT platform.