Clifford Chance

Clifford Chance advises the joint bookrunners on a £600 million multi-source refinancing of Arqiva's existing junior debt and senior working capital facility

Global law firm Clifford Chance advised HSBC, Lloyds and Santander, as joint global coordinators and joint bookrunners, on Arqiva Broadcast Finance plc’s issuance of £500,000,000 8.625% senior secured notes due 2030 and as mandated lead arrangers and lenders on the connected liquidity facility arrangements and Arqiva Financing No 1 Limited's £100 million senior working capital facility. The notes and liquidity facility constitute Arqiva's junior group level financing package and the working capital facility is part of Arqiva's senior whole-business securitisation structure.

Clifford Chance provided the banks with comprehensive legal advice on all aspects of the structuring and execution of the transaction involving experts from debt finance, high yield and whole-business securitisation teams. The transaction builds on the firm’s deep expertise in complex financing work within the UK telecommunications infrastructure sector and in connection with whole-business securitisation structures.

The Clifford Chance team advising on the capital markets elements was led by partners Drew Rundus and Kate Vyvyan, with support from senior associates John Thomson and Phil Houten, associate Trey Oxendine, law clerk Natasha Sarna and trainee solicitor Sam Winton.

The Clifford Chance team advising on the banking and finance elements was led by partner Jim MacHale, with support from senior associate Rebecca Shepherd, associates Boma George and Ella Dunkerly and trainee solicitor Jeanette Lee.