Milbank LLP advised eir on the offering of €300 million 5¾% senior secured notes due 2029 and the repricing of its existing term loan B facility.

The proceeds of the offering of notes will be used (i) to prepay a portion of the amounts drawn under existing senior secured term loan facility B maturing in May 2026 (ii) to partially redeem eir’s 1.75% senior secured notes due 2024 (iii) for general corporate purposes and (iv) for payment of fees and expenses. eir is the principal provider of fixed line telecommunications and the third largest provider of mobile telecommunications in Ireland.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Rebecca Marques and Sarbajeet Nag and associates Vasujith Ram, Pranahita Srinivas, Andrew Mavers, Harshavardhan Sunder and trainee solicitor Beth Constance. The team was also assisted by New York Leveraged Finance partner Michael Bellucci and associate Sean McMillon.