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Advising banking syndicate on establishing a €5bn debt issuance programme for Vantage Towers AG and on the company's bond market debut

Allen & Overy has advised a banking syndicate (comprising BofA Securities as arranger and Deutsche Bank, BNP Paribas, Citigroup, LBBW and SMBC Nikko as further dealers) on the establishment of a EUR 5 billion debt issuance programme for Vantage Towers AG, a leading towers company in the telecommunications sector in Europe.

This is a flexible financing programme for the issuance of fixed and floating rate notes.

In the context of its new debt issuance programme, Vantage Towers AG has successfully placed its EUR 2.2 billion inaugural bond offering, which is one of the largest investment grade issues in recent times.  It consists of three tranches: EUR 750 million 0.000% notes due 2025, EUR 750 million 0.375% notes due 2027 and EUR 700 million 0.750% notes due 2030.

The inaugural bond offering follows on the heels of Vantage Towers' successful listing on the Frankfurt Stock Exchange on 18 March.  The company's IPO is considered the largest telecommunications IPO in Europe since 2004 and the largest German IPO since 2018.  Net proceeds from the bond offering are used to pay down the EUR 2.4 billion term loan put in place as part of the IPO process.  The joint lead managers of the bond offering were BofA Securities, BNP Paribas, Citigroup, Deutsche Bank, LBBW and SMBC Nikko.

The team of Allen & Overy was led by partner Dr Stefan Henkelmann and further comprised counsels Christian Klöpfer and Jens Nollmann as well as associate Sina Kokot (all International Capital Markets, Frankfurt).