Latham & Watkins Advises in High Yield Financing by Chile’s WOM Mobile

A cross-border capital markets team represented the initial purchasers in the offering.

January 25, 2021

Latham & Watkins advised the initial purchasers in its US$450 million offering of 4.7% seven-year senior notes by WOM Mobile, Chile’s fastest-growing mobile voice and data and mobile broadband services provider by total subscribers and revenue.

The notes were sold by a Luxembourg-incorporated issuer and are guaranteed by WOM Mobile’s Norwegian-incorporated parent company and certain of its Chilean subsidiaries. Novator Partners advises and manages WOM Mobile.

WOM Mobile intends to use the proceeds of the offering to repay a portion of its credit facility, to finance certain purchases of Chilean spectrum and related capital expenditures and for other corporate purposes. Latham previously represented the initial purchasers in WOM Mobile’s US$510 million debut and add-on offerings of 6.875% five-year notes.

A cross-border team from Latham’s Capital Markets and Latin America practices represented the initial purchasers in the offering, including partners Brett Cassidy, Matthew Schneider and Roderick Branch, with associate Phil Houten and international visiting associate Vicente Allende. Partner Bora Bozkurt, with associate Sam Yang, advised on tax matters.

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