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Allen & Overy’s U.S. team advises Deutsche Bank in dual financings with Verizon Communications Inc.

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Stefano Joseph
Joseph Stefano


New York

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Christine Steenman

Senior Counsel

New York

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14 July 2020

Allen & Overy advised Deutsche Bank AG, a leading multinational investment bank, on two corporate financings with global telecommunications company Verizon Communications, Inc., including a USD1.5 billion EKN guaranteed (and SEK funded) financing and a USD500 million Finnvera guaranteed financing. The deals signed on June 25 and July 6, respectively

Instabilities and unpredictability of pricing in the market, brought on by the pandemic, have caused multinational companies like Verizon to reconsider ECA backed financings, breaking from the bond market which has been relied upon heavily as of late.

Joseph Stefano, Banking and Finance partner in A&O’s New York office, commented: “These financings illustrate how key ECA backed financings will be to prop up economic recovery following months of instability in the market. Our team has long supported the quick and seamless execution of unique financings across industries, and foresees this trend to continue as companies react to the fall out of the pandemic.”

The Allen & Overy New York Banking and Finance team was led by partner Joseph Stefano and senior counsel Christine Steenman in the firm’s New York office.

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