Paris Office Advises on Refinancing of Telecom Network in Drôme and Ardèche

January 03, 2013

Multidisciplinary Willkie team assists several parties on various aspects of complex concession project to build and operate a high-speed and ultra high-speed telecommunications network.

Willkie client ADTIM is party to a concession contract, entered in 2008, with the Syndicat Mixte Ardèche Drôme Numérique to build and operate a high-speed and ultra high-speed telecommunications network in the Drôme and Ardèche regions in France.  The construction of the network was initially financed through equity contributions made by the initial shareholders in ADTIM, comprising Eiffage, ETDE and AXIONE (the latter two of which are Bouygues Construction subsidiaries).

The partial refinancing of the project is supported by equity contributions and acquisition of shares in ADTIM by Infravia Numérique (OFI group) and Caisse des Dépôts & Consignations and by senior debt made available by Caisse Régionale du Crédit Agricole Mutuel Sud Rhône Alpes (Crédit Agricole group) and an innovative mezzanine bond financing issued by ADTIM and underwritten by Infravia Numérique and Caisse des Dépôts & Consignations.

Willkie advised ADTIM, Infravia Numérique, Caisse des Dépôts & Consignations, ETDE and AXIONE with respect to the due diligence and acquisition aspects of the matter.  Willkie also assisted ADTIM in the negotiation of the financing and project documentation, and advised Infravia Numérique and Caisse des Dépôts & Consignations in the establishment of the mezzanine financing.

The deal was handled by partner Amir Jahanguiri, special European counsel Driss Bererhi and associate Darko Adamovic (financing and project documentation negotiation); partner Thierry Laloum and associates Iris Géniès and Emilie Patoux (public law) and partner Annette Peron and associates Olivier Lopez, Delphin Boucher and Liza Scemama (corporate).