Harneys advises banking syndicate on €1.2 billion Phoenix Tower International financing
Harneys acted as Cyprus legal counsel to the banking syndicate (arrangers, lenders, and hedging banks) on the setting up of a new €1.2 billion financing in Europe for Phoenix Tower International.
Through its subsidiaries, Phoenix owns and operates over 22,000 telecom towers across Europe (including Cyprus), the United States, Latin America, and the Caribbean. The purpose of this new financing is to enable it to consolidate its European telecom towers portfolio, giving it more capacity to support its future growth in both existing and new European markets.
The Harneys team was led by Partner Theodoros Zafiropoulos with support from Associate Irene Panayidou. Theodoros commented: "We are pleased to have acted for the banking syndicate in relation to this successful financing. We wish Phoenix Tower International all the best in their endeavours to expand into new European markets."
Allen & Overy advised the banking syndicate on the English, French, Italian, Spanish, and New York law aspects of the transaction.
Harneys Banking and Finance practice group has decades of experience in offshore credit and security legal issues relating to debt finance, including loan finance, debt issuance, lease financing, shariah compliant finance, distressed debt, and enforcement of security and derivatives.