Feb 2024
Conyers advised Digicel Limited and other affiliated entities (together, “Digicel”) in connection with its consensual US$3.8 billion cross-border restructuring which completed on 29 January 2024.
The restructuring was implemented pursuant to two schemes of arrangement in Bermuda and chapter 15 recognition proceedings in the United States.
Pursuant to the restructuring, Digicel equitized approximately US$1.7 billion of indebtedness and entered into a $1 billion new senior secured first-lien term loan facility. The effectiveness of the Bermuda schemes completes the comprehensive restructuring, which also included an approx. US$1.2 billion cross-border restructuring of Digicel’s former parent company, Digicel Group Holdings Limited.
Digicel is the leading provider of mobile phone networks and home entertainment services in 25 markets across the Caribbean, Central America and Asia Pacific.
The Conyers team in Bermuda included Rhys Williams, Edward Rance, Christian Luthi, Robert Alexander, Karoline Tauschke, Sophia Collis, Marcello Ausenda, Joshua deAllie, Jessica Harris, Nazari Woods, Helen Cooper, Britt Smith, Jonathan O’Mahony, and in Cayman Matthew Stocker, Alex Davies, Mauricio da Rocha, Rowana-Kay Campbell.
Conyers acted as lead counsel for the schemes of arrangements under section 99 of the Companies Act 1981 of Bermuda, working alongside Davis Polk & Wardwell LLP.