Milbank LLP has advised the initial purchasers, including Goldman Sachs, Deutsche Bank, Crédit Agricole and UniCredit, in connection with doValue S.p.A.’s (“doValue”) offering of €300 million 3.375% Senior Secured Notes. doValue, a leading servicer of non-performing loans in Southern Europe and listed on the Milan Stock Exchange, used the proceeds of the offering to prepay and cancel an existing senior facility agreement, and to pay fees and expenses incurred in connection with the refinancing, with the remainder being held as cash for general corporate purposes.
The Milbank team was led by European Leveraged Finance and Capital Markets partner Apostolos Gkoutzinis and special counsel Ana Grbec, associates Melanie Probst, Stefanos Serfas, Kristian Sutt and Alexia Pimbli and paralegal Matteo Bonacina. European Leveraged Finance and Capital Markets partner Miko Bradford and associates Stephanie Colquhoun and Philipp Engel also assisted on the matter. The team also included New York Tax partner Andrew R. Walker and associate Benjamin Heller.
This transaction adds to Milbank’s bank and bond track record in Italy, which has recently included advising on committed financings and/or bond offerings involving:
- Cedacri Mergeco S.p.A., an industry-leading technology company that is fully dedicated to providing core banking software, digital infrastructure, solutions and other IT services predominantly to the Italian market, in connection with its senior secured notes offering.
- International Design Group, a leading global design group, in connection with its senior secured notes offering.
- Rekeep S.p.A., the leading provider of facility management services and a leading provider of laundering and sterilization services in Italy, in connection with its refinancing.
- So.Fi.M.A. Società Finanziaria Macchine Automatiche S.p.A. (a company jointly controlled by BC Partners and members of the Vacchi family) in connection with financing its public-to-private takeover bid for I.M.A. Industria Macchine Automatiche S.p.A, the packaging machinery manufacturer.
- Forno d’Asolo S.p.A., a BC Partners portfolio company in the Italian frozen bakery industry, in connection with the financing of its acquisition of Pasticceria Bindi S.p.A., the leading Italian producer of frozen desserts.
- the financing of The Carlyle Group’s acquisition of Forgital, a leading manufacturer of components for the aerospace industry.
- the financing of The Carlyle Group and Investindustrial’s acquisition of International Design Group S.p.A., one of the world’s largest design companies grouping together the high-end furniture and lighting brands B&B, Flos and Louis Poulsen.
- the financing of Bain Capital’s acquisition of the specialty chemicals manufacturer Italmatch and follow-on acquisitions.
- Unifrutti, one of the world’s leading producers and distributors of fresh fruit, in connection with its debut bond offering.
- the financing of Bain Capital’s acquisition of specialty paper manufacturer Fedrigoni and follow-on acquisitions.
- Pro-Gest Group, one of Italy’s leading producers of recycled paper, cardboard and packaging solutions, in connection with its issuance of senior secured notes to Carlyle Global Credit.
