Cleary Gottlieb acted as Italian law counsel to WIND TELECOM S.p.A. (formerly Weather Investments S.p.A.) in connection with the refinancing of the collateralized notes issued by its indirect subsidiary Weather Capital Special Purpose 1 S.à r.l. and guaranteed by WIND TELECOM. The deal closed on February 25, 2011.
This re-financing deal consists in a bridge facility which, on one hand, will allow lenders, subject to certain conditions, to request the issuance of securities by certain companies of WIND TELECOM’s group, and, on the other hand, will allow WIND TELECOM to ascertain its best options in light of its combination with VimpelCom Ltd.
The re-financing deal follows the successful re-financing transactions and the new bond offering closed by WIND Telecomunicazioni S.p.A. in November 2010. Cleary Gottlieb assisted WIND Telecomunicazioni on such deals and is currently representing WIND TELECOM in its proposed sale of Cairo-based Orascom Telecom and Italian operator WIND to Russian operator VimpelCom.
