Cross-border team advises AMP Capital and CDPQ on holdco financing of up to €775 million

Global law firm Norton Rose Fulbright has advised AMP Capital (AMP) and Caisse de dépôt et placement du Québec (CDPQ) on their financing of up to €775 million in secured notes issued by affiliates of Phoenix Tower International. The transaction consists of three tranches at close that may be further increased through an accordion feature up to a total of €775 million (approx. USD 940 million) to fund future growth.

Phoenix Tower International (PTI) is a leading wireless communications infrastructure provider that owns and operates over 12,500 towers, 986 km of fiber and markets over 80,000 other wireless infrastructure and related sites located in 16 countries throughout Europe, the United States, Latin America and the Caribbean. The multi-jurisdictional holdco financing will be used to fund PTI’s recent growth in Europe and provides substantial additional capacity to support further growth in both existing and new markets worldwide as well as financing the acquisition of TowerTel S.p.A in Italy. This underpins PTI’s continued focus on being a leading global provider of infrastructure assets.

Norton Rose Fulbright banking and finance partners Tomas Gärdfors (London) and Joseph Giannini (New York) led a cross-border team of over 50 lawyers from across 18 teams in the firm’s London, New York, Milan, Paris, Luxembourg and Brussels offices, including partners Oliver Stacey (London), Arturo Sferruzza (Milan) and Arnaud Bélisaire (Paris). They were supported by a legal process and technology team in the firm’s Newcastle office.

The Norton Rose Fulbright team was supported by Harneys Aristodemou Loizides Yiolitis LLC in Cyprus, J&A Garrigues, S.L.P. in Madrid and Matheson in Dublin.

Tomas Gärdfors commented: “Telecoms infrastructure represents a highly attractive opportunity for investors given increasing demand for digital connectivity. We are delighted to advise AMP Capital and CDPQ on a bespoke and flexible financing solution to support PTI’s global growth plans.”