Shearman & Sterling represented J.P. Morgan Securities, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs and Scotia Capital as initial purchasers in connection with Liberty Cablevision of Puerto Rico’s $1.2 billion offering of 6.750% senior secured notes due 2027 by LCPR Senior Secured Financing Designated Activity Company. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on October 25, 2019.
The net proceeds of the offering, along with the proceeds of a concurrent term loan B facility, are intended to be used to finance Liberty Latin America’s $1.95 billion proposed acquisition of AT&T Inc.’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands.
Liberty Cablevision of Puerto Rico is the largest cable operator in Puerto Rico. The company provides enhanced video, broadband internet and digital (VoIP) telephony services primarily to residential customers on the island.
The Shearman & Sterling team below was supported by associate Alex Despotovic.