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Sunday, October 1, 2023

Freshfields advises Cinven & Ufinet on $1.13bn term loan

A Freshfields Madrid Financing & Capital Markets team has advised Cinven and Ufinet as part of a cross-border team on the successful syndication and closing of a $1.135 billion term loan and revolving credit facility

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International private equity firm Cinven has annouced that the Seventh Cinven Fund has agreed to make a majority investment in Ufinet International, a leading fibre network operator headquartered in Spain and operating in Latin America, for an enterprise value of approximately €2.5 billion.

The transaction underscores Cinven’s commitment to Ufinet and builds on its successful track record of investing in the business through prior Cinven Funds. Enel, that has been a minority co-shareholder in Ufinet since 2018, will re-invest a minority stake in the Group.

The Freshfields New York leveraged finance team advised Ufinet International and its financial sponsor Cinven on a $1.135b term loan B. The financing also included a $175 million senior secured revolver due 2027. The proceeds will be used to fully refinance its existing loan facility and to make payments required to consummate the transfer of a portion of the ownership of Ufinet’s parent company to Cinven Fund VII.

Ufinet is a neutral fiber network operator in the wholesale telecommunications market that leases optical fiber infrastructure and provides transmission services connecting the major cities in almost twenty countries in Latin America. Ufinet has over 90,000 km of optical fiber deployed and over 24 years of experience in the field.

The Freshfields New York team was led by Leveraged Finance partner Kyle Lakin, senior associate Aino Makisalo and associates Michael David Harris and Pablo Calderón. Finance Counsel Greg Kahn provided swap support and partner Inaki Gabilondo, counsel Cristina Esteve and associate Álvaro Galobart advised from Madrid. Tax advice was provided by partner Claude Stansbury and counsel Dennis Caracristi. Partner Christopher Davis and senior associate Toby Bingley provided support from London.

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