Clifford Chance Advises GD Towers on €7.7 Billion Refinancing

Clifford Chance represented GD Towers in its €7.7 billion refinancing, and GD Towers' in‑house legal team acted for the company. The transaction established a new common terms financing platform and comprised the debut issuance of a €2.5 billion private placement with European and US investors, one of the largest ever EUR‑denominated private placements. Going forward, GD Towers' existing €5.2 billion of term, capex and revolving facilities will be provided under the new common terms platform. The financing has been arranged to partially refinance existing loans and to support GD Towers' expansion and capital maintenance requirements, general corporate purposes and a recapitalisation. The common terms platform is intended to provide a stable financing structure for GD Towers and to give access to funds for future investments over the coming years. GD Towers is a full‑service provider of passive infrastructure, acquiring, planning, realising, operating and marketing radio sites through its wholly owned subsidiaries Deutsche Funkturm in Germany and TOWERS Infra Austria in Austria. Its portfolio includes towers, masts, rooftop sites and small cells. Since 2023 GD Towers has been jointly owned by Deutsche Telekom, DigitalBridge and Brookfield Asset Management. Clifford Chance represented GD Towers with a team composed by: partners Simon Reitz (Partner, Global Financial Markets, Frankfurt) and Axel Wittmann (Partner, Global Financial Markets, Frankfurt); counsel Christoph Nensa (Counsel, Global Financial Markets, Frankfurt) and partner Julia House (Partner, Global Financial Markets, London); supporting partners Bettina Steinhauer (Partner, Global Financial Markets, Frankfurt), George Hacket (Partner, Global Financial Markets, Frankfurt) and Matteo Sbraga (Partner, Global Financial Markets, London); counsel Henrik Gildehaus (Counsel, Global Financial Markets); senior associates Marcel Knörchen (Senior Associate, Global Financial Markets), Vanessa Steiner (Senior Associate, Global Financial Markets) and Nico Köhler (Senior Associate, Global Financial Markets); associates Sebastian Wurm (Associate, Global Financial Markets) and senior associate Arpan Bhatt (Senior Associate, Global Financial Markets, London); transaction lawyer Felicitas Fischer (Transaction Lawyer, Global Financial Markets, Frankfurt). Advice on tax matters was provided by partner Olaf Mertgen (Partner, Tax, Frankfurt) and counsel Steffen Waadt (Counsel, Tax, Frankfurt). Hedging matters were advised by partner William Winterton (Partner, Global Financial Markets, London), senior associate Rachel Robertson (Senior Associate, Global Financial Markets, London) and associate Bogomil Kukovski (Associate, Global Financial Markets, London). Corporate advice was provided by partner Tobias Kamerling (Partner, Corporate, Düsseldorf) and senior associate Yannick Niedergethmann (Senior Associate, Corporate, Düsseldorf). GD Towers in‑house legal team represented GD Towers with a team composed by: Pamela Victoria Schaarschmidt (Senior Legal Counsel, leading the legal workstream), General Counsel Felix Müller (General Counsel), Head of Treasury Volker Hoffarth (Head of Treasury) and Head of Transformation David Kazmirci (Head of Transformation).

Clifford Chance Advises GD Towers on €7.7 Billion Refinancing

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