Debevoise & Plimpton acted as U.S. counsel to Irish telecommunications firm eircom in connection with a €1.05 billion (approximately $1.19 billion) bond issue completed on Thursday, August 7, 2003. The issue is the largest ever euro-denominated high-yield bond issue and the first note offering by a former state telecommunications firm in Europe on the high yield market.
eircom’s parent company, Valentia Telecommunications, issued €550 million (approximately $625 million) of senior 10-year notes, which were priced to yield at 7.25 per cent. eircom Funding issued €285 million (approximately $324 million) and $250 million of senior subordinated 10-year notes to yield at 8.25 per cent.
The Debevoise team, based in the firm’s London and New York offices, was led by corporate partners James C. Scoville and Andrew L. Sommer, finance partner David A. Brittenham, tax partner Peter F.G. Schuur, corporate associate Wendy A. Semel and finance associate Alan J. Davies.