DLA Piper advises VEON Holdings B.V. on its RUB100bn refinancing

DLA Piper has advised VEON Holdings B.V., a member of the multinational telecommunications VEON group, on the RUB100 billion (approximately USD1.5 billion) refinancing of its facilities with Sberbank of Russia.

The new term loan facility entered into with Sberbank on 3 June 2020 will be used to refinance and extend the maturity of the existing loan between Sberbank and VEON Holdings, as well as to provide additional funds for VEON Holdings’ general corporate purposes.

DLA Piper’s partner Mark Dwyer, who led the team advising on the transaction, said: “The refinancing forms part of VEON’s continued objective to improve its global capital structure, and is a another transaction which strengthens the relationship between DLA Piper, utilising its cross-border capabilities, and a key global client.”

The DLA Piper Finance team was led by London-based partner Mark Dwyer, legal director Mei Mei Wong and associate Elvis Dangol. They were assisted by Amsterdam-based partner Gerard Kneppers and advocaat Jocelyn van Moergastel, as well as Moscow-based partner Karen Young and legal director Alexei Kolesnikov.

Latham & Watkins advises Aernnova on its TLB Refinancing

Aernnova, a major aero structures company and portfolio company of TowerBrook Capital Partners, Peninsula Capital and Torreal, has completed a covenant-lite refinancing consisting of a €490 million term loan B and a €100 million revolving credit facility, proceeds of which will be used for long term refinancing, potential investment through organic growth, international expansion, acquisitions and working capital.

Aernnova, which has a global presence and is head-quartered in Spain, designs, manufactures, and supplies aero structures and components including fuselage sections, tail assembly, and wing structures to major aircraft manufacturers. TowerBrook Capital Partners, a global investment management firm, is a strategic investor in Aernnova.

Latham & Watkins acted for Aernova and its shareholders, including TowerBrook Capital Partners, in the transaction with a team led by Madrid corporate partner Ignacio Gomez-Sancha, London finance partner Charles Armstrong, and Madrid finance partner Fernando Colomina; assistance was provided by London finance associates John Hutton, Michael Spurritt, and Chen Yang Sia, and Madrid finance associates Pablo Alarcon, and law clerk Claudia Mencia. Tax advice was provided by Madrid partner Jordi Dominguez and counsel Ivan Rabanillo, with London partner Karl Mah and associate Alexandra Liu also advising.