Horten has assisted a major consortium of international and Danish banks with the refinancing of the TDC Group.

In connection with the financing, the financing of the infrastructure business TDC NET A/S is separated from the content business Nuuday A/S.

The financing of TDC NET A/S takes place by way of a so-called Whole Business Securitisation. It is the first time that such a structure is seen in Denmark, and it ring-fences the company’s infrastructural activities to secure the lenders. It is expected that the risk profile thereby obtained by the lenders will be attractive on the international loan market.

In connection with the financing of TDC NET A/S, an amount of Euro 3.3 billion was raised which is to repay the debt raised with assistance to the banks from Horten at the latest refinancing in 2018 in the context of TDC A/S, which - after the conversion into a holding company - is now called TDC Holding A/S.

At the same time, Nuuday A/S has established a significant revolving credit facility with a syndicate of international and Danish banks with which Horten has also assisted.

In general, this is one of the largest financing transactions in Denmark.

Horten’s Bank & Financing team assisting the banks has been headed by Partner Claus Bennetsen. Horten has also advised on the non-financial aspects, for example IP/telecom, real estate, insolvency and company law.

We have cooperated with Linklaters and the American company Millbank on English law.

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Contacts

Claus Bennetsen

Partner (L)