Davis Polk advised the representative of the initial purchasers in connection with concurrent Rule 144A/Regulation S offerings by Ligado Networks LLC of $2.85 billion aggregate principal amount of its 15.5% PIK senior secured first-lien notes due 2023 and $1.00 billion aggregate principal amount of its 17.5% PIK senior secured second-lien notes due 2024. The notes are guaranteed by each of the issuer’s existing and future wholly owned material domestic and Canadian subsidiaries. The offerings were conducted in connection with a financial restructuring and balance sheet recapitalization of the issuer, pursuant to a comprehensive restructuring support agreement entered into with existing lenders and equity holders.
Ligado is a wireless communications company focused on bringing additional licensed spectrum to market and developing next-generation 5G services. Ligado has been a mobile satellite services network operator for over 20 years, providing critical communications to government, industrial and enterprise end users in North America.
The Davis Polk capital markets team included partners John G. Crowley and Pedro J. Bermeo and associates Michael J. Russo and Rahul K. Patel. The finance team included partner Kenneth J. Steinberg, counsel Andrei Takhteyev. and associate Bernard Tsepelman. The restructuring team included partners Damian S. Schaible and Darren S. Klein. The tax team included partner Michael Farber. All members of the Davis Polk team are based in the New York office.