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Wednesday, February 21, 2024

Four law firms guide Mediapro´s debt refinancing and capital increase

Allen & Overy has advised Grupo Mediapro on the refinancing process of its €900 million debt and on the capital increase for €620 million subscribed by Southwind Group, Grupo Mediapro's main shareholder which was advised by HSF, with the lenders advised by Latham & Watkins. Gómez-Acebo & Pombo advised first and second ranking creditors.

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Mediapro has closed the refinancing of a debt of more than €900 million with its creditors. The agreement also includes a capital increase of €620 million subscribed in full by its majority shareholder, Southwind Group.

According to a company statement, most of the funds resulting from the capital increase will be used to repay Mediapro’s debt, with the aim of bringing the company’s liabilities below €400 million net. The remaining amount of the capital increase will be used for the group’s working capital.

The company assures that the agreement definitively resolves the uncertainties caused by the effect of the pandemic on the group’s activity. “It provides the company with a solid and healthy financial structure on which to build its growth plan,” the company pointed out.

According to Mediapro’s press release, the audiovisual group closed 2021 with a turnover of €1,218 million and an EBITDA of €168 million.

Allen & Overy advised with a Madrid office team made up of Banking & Finance partner Ignacio Ruiz-Cámara, Restructuring & Insolvency partner Javier Castresana, Tax partner Adolfo Zunzunegui, Competition partner Antonio Martínez and Corporate/M&A counsel Teresa Méndez, together with their team of lawyers.

Insolvency & Restructuring partners Nicholas Charlwood, and Banking & Finance partner Adam Zecharia and Neil Sinha advise from the firm´s London office.

Latham & Watkins has advised the committee of first lien lenders in relation to the €865 million first and second lien financing arrangements and recapitalisation of Mediapro.

Latham Mediapro
Ignacio Gómez-Sancha (centre), Pedro de Rojas (top left), Jose María Jiménez-Laiglesia (bottom left), Carmen Alonso (top right) and José María Alonso (bottom right)

The multi-disciplinary Latham team was led by London finance partners Yen Sum and Bruce Bell, Madrid Finance partner Pedro de Rojas, and Madrid office managing partner Ignacio Gómez-Sancha, with London Finance associates Jack Isaacs, Hugo Bowkett and Greg Whitaker, and Madrid Finance associate Carmen Alonso. Advice was provided on Rgulatory matters by Madrid partner José María Jiménez-Laiglesia and Madrid counsel José María Alonso. 

From left to right, starting from the top: Nicolás Martín, Javier de Carvajal Cebrián, Henar Gonzalez Durantez, Jaime Rossi and Marta Esteban

Herbert Smith Freehills Spain team has advised, together with London and Hong Kong offices teams, Southwind Group, one of the main shareholders of Grupo Mediapro, on refinancing the group’s debt with €620 million capital increase.

HSF’s team was formed by partners Nicolás Martín, Javier de Carvajal Cebrián, Henar Gonzalez Durantez, of counsel Jaime Rossi, of counsel and head of Tax in the Madrid office Marta Esteban, Ignacio Segura, Pilar Carrasco, Gonzalo Sanz-Magallón Delhaize, Ricardo Echevarría González, John Chetwood, Will Nevin, John Whiteoak, Oliver Henderson, Pritika Rai Advani, Debbie Standring, Owen Roberts, Matthias Steiner, Sophie Shaw, Tommy Tong, Alexander Aitken, Gareth Thomas, Cynthia Ng, Michael Gu, May Ting Poon.

Gómez-Acebo & Pombo advised Searchlight Capital Partners and Invesco Senior Secured Management as first and second ranking creditors in the recapitalisation of Grupo Mediapro. Gómez-Acebo & Pombo has worked on this transaction together with the law firm Willkie Farr & Gallagher LLP on English law matters.

Miguel Lamo de Espinosa, Santiago Gómez-Acebo and Rodrigo López

The GA_P team has been led by partner Miguel Lamo de Espinosa Abarca (head of Banking, Finance and Restructuring) with the support of partner Santiago Gomez-Acebo Carvajal, partner Rodrigo López González, of counsel Antonio Ramírez Díez, lawyer Paula Zarzalejos Buesa, lawyer María Fanego and other members of the firm.

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