Deutsche Bank in $103 Million Senior Secured Term Loan Facility

March 31, 2015

Cleary Gottlieb represented Deutsche Bank as arranger and initial lender, and Deutsche Bank Trust Company Americas, as administrative agent, collateral agent and account bank, in a $103,150,000 senior secured term loan facility to W de Argentina - Inversiones, S.A. The facility is secured by first ranking security interests set over assets in Argentina and Spain and a shareholder guaranty. The proceeds from the facility were used to repay outstanding indebtedness. The transaction closed on March 31, 2015.

W de Argentina - Inversiones holds 32% of Sofora Telecomunicaciones S.A., which in turn holds a controlling stake in Telecom Argentina S.A., the largest telecommunications company in Argentina.