Eircom Secures €1.15 Billion Through High-Yield Bonds and Term Loan B5
Deal News | May 09, 2025 | Paul Hastings
Paul Hastings LLP has played a key advisory role in a significant financial transaction involving eircom, the leading telecom provider in Ireland. A syndicate of initial purchasers, notably led by Deutsche Bank, included other financial giants such as Goldman Sachs, BNP Paribas, Citigroup, J.P. Morgan, Morgan Stanley, and Socit Gnrale. The deal entailed the issuance of €550 million in 5.00% senior secured notes due 2031 by eircom Finance DAC, in conjunction with the rollout of a new €600 million Term Loan B5 facility facilitated by eircom Finco S.a.r.l. The Paul Hastings team was spearheaded by partners Max Kirchner, Chiraag Patel, and Katja Kaulamo, ably supported by a group of associates. This transaction is pivotal for eir, fortifying its financial structure and presumably fueling future growth endeavors.
Sectors
- Telecommunications
- Financial Services
- Legal Advisory
Geography
- Ireland – Eircom, the target company, is the leading telecommunications provider in Ireland.
- International – The article references several international financial institutions, indicating cross-border involvement in the financial transaction.
Industry
- Telecommunications – Eircom is the principal provider of fixed-line and mobile telecommunications services in Ireland, directly related to the primary activities discussed in the article.
- Financial Services – The transaction involves significant financial maneuvering, including bond offerings and loan facilities, with major international banks participating.
- Legal Advisory – Paul Hastings LLP, a prominent law firm, played a critical advisory role in the structuring and execution of eircom's financial transactions.
Financials
- €550 million – The aggregate principal amount of 5.00% senior secured notes due 2031 issued by eircom Finance DAC.
- €600 million – The aggregate principal amount of a new Term Loan B5 facility by eircom Finco S.a.r.l.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Eircom | Target Company | Company | Eircom is the principal provider of fixed-line and mobile telecommunications services in Ireland. |
| Paul Hastings LLP | Legal Advisor | Company | Paul Hastings is an international law firm that advised on the financial transactions mentioned in the article. |
| Deutsche Bank Aktiengesellschaft | Syndicate Leader | Company | Deutsche Bank led the syndicate of initial purchasers for the eircom bond offering. |
| Goldman Sachs International | Syndicate Member | Company | Goldman Sachs is a major financial institution that participated in the syndicate for the bond offering. |
| BNP Paribas | Syndicate Member | Company | BNP Paribas is one of the international banks involved in the syndicate for the bond offering. |
| Citigroup | Syndicate Member | Company | Citigroup participated in the syndicate of initial purchasers for the bond transaction. |
| J.P. Morgan | Syndicate Member | Company | J.P. Morgan was involved in the syndicate for the high-yield bond offering. |
| Morgan Stanley | Syndicate Member | Company | Morgan Stanley is another member of the syndicate for the bond issue. |
| Société Générale | Syndicate Member | Company | Société Générale participated as part of the syndicate in the bond and loan transactions. |
| Max Kirchner | Lead Partner | Person | A partner at Paul Hastings who led the legal team on the transactions. |
| Chiraag Patel | Lead Partner | Person | A partner at Paul Hastings who took a leading role in the legal proceedings. |
| Katja Kaulamo | Lead Partner | Person | A partner at Paul Hastings and key figure in facilitating the transactions. |