ATP in Inaugural $375 Million Offering and $60 Million Revolving Credit Facility

April 27, 2021

Cleary Gottlieb represented Andean Telecom Partners (ATP), acting through co-issuers ATP Tower Holdings LLC, Andean Tower Partners Colombia SAS, Andean Telecom Partners Peru S.R.L., and Andean Telecom Partners Chile SpA, in its inaugural debt offering of $375 million aggregate principal amount of 4.05% senior secured notes due 2026 and a $60 million revolving credit facility.

The senior secured notes and revolving credit facility are guaranteed by ATP’s subsidiaries, ATP Fiber Colombia SAS, Redes de Fibra del Peru S.R.L., and ATP Fiber Chile SpA, and secured by a first priority lien on the shares of ATP’s operating subsidiaries.

The offering was conducted as a private placement in reliance on Rule 144A and Regulation S of the U.S. Securities Act of 1933, and closed on April 27, 2021. The notes are expected to be listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market thereof. Goldman Sachs & Co. LLC and J.P. Morgan acted as global coordinators and joint bookrunners, and Deutsche Bank Securities and Scotiabank acted as joint bookrunners.

The revolving credit facility has a term of three years and became effective on April 27, 2021. The Bank of Nova Scotia is serving as administrative agent and lender under the facility, and the other lenders include Goldman Sachs, JPMorgan Chase, and Deutsche Bank.

Cleary also advised ATP in the negotiation of a secured, multicurrency derivatives transaction to hedge the co-issuers’ exposure to foreign currency exchange fluctuations under the senior secured notes.

ATP is the largest privately-owned provider of telecommunications and digital infrastructure in the Andean region. It operates in Colombia, Peru, and Chile, and serves telecom operators and wireless carriers along with playing a central role in enabling mobile and broadband connectivity in the Andean region.