Transtelco Completes Successful Third Party Tender Offer for Maxcom Notes

November 11, 2021

New York -- Paul Hastings LLP, a leading global law firm, announced today that it represented Transtelco Holding, Inc, a Delaware corporation, in a third party cash tender offer and consent solicitation for the 8% senior secured notes due 2024 of Maxcom Telecomunicaciones, S.A.B. de C.V., a Mexican facilities-based telecommunications provider. The tender offer, in which close to 95% of the senior notes were tendered and accepted for payment, was part of a larger financing that included a cash tender offer for the shares of Maxcom listed on the Mexican stock exchange in order for Transtelco to acquire control of  Maxcom. As a result of this change of control, Maxcom issued a notice of redemption for its junior PIK notes in accordance with their terms, which was also contemplated as part of the transaction and was pre-arranged through negotiations with a group of supporting bondholders. The transaction boosts the fiber optic network of Transtelco while also providing Maxcom with an efficient debt restructuring solution through the use of a capital markets alternative.

Paul Hastings Latin America partners Mike Fitzgerald and  Joy Gallup led the senior secured notes tender offer and consent solicitation and junior PIK notes redemption team which included counsel Pedro Reyes and associates Alejandra Cuadra and Jonathan Cardenas.

Leverage Finance partner Danny Choi led the team advising on the financing for the transaction, which also included associates Melanie Sedrish and Annie Zhao.  Tax advice was provided by partner David Makso and associate Rob Wilson.

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