Milbank Advises on Rekeep S.p.A.’s €350M Offering of Senior Secured Notes

Milbank LLP has advised the initial purchasers in connection with Rekeep S.p.A.’s offering of €350M 7.25% Senior Secured Notes due 2026. The proceeds of the offering were primarily used for refinancing purposes. The Milbank team also advised the lenders in connection with Rekeep’s new super senior revolving credit facility.

Rekeep is the leading provider of facility management services and a leading provider of laundering and sterilization services in Italy, with strong or developing positions in other countries. The company provides integrated facility management services ranging from building and plant maintenance, energy and cooling-related technical services and cleaning services, as well as a variety of specialist services to healthcare providers that are navigating the challenges of the COVID-19 pandemic.

The Milbank team included European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis, Miko Bradford and Randy Nahle, associates Lauren Obee, Laura Bonamis, Andrea Sorace, Bernardo Zang, Aiden Ang, Tom Neilson, Lefteris Dafermos and trainee solicitor Eugenia Lau. The team also included New York Tax partner Andrew Walker and associate Samantha Rocco, as well as London Tax partner Russell Jacobs and associate Cosmos Fung. European Leveraged Finance/Capital Markets partner Sarbajeet Nag and associates Jordan Zaluski, Varun Natteri Mangadu and Henry Madell also assisted on the matter.

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:

• 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 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 its acquisition of Pasticceria Bindi S.p.A., the leading Italian producer of frozen desserts.
• doValue S.pA., a leading servicer of non-performing loans in Southern Europe, in connection with its acquisition of FPS, the former loan servicing company of Greece’s Eurobank Group.
• The Carlyle Group’s acquisition of Forgital, a leading manufacturer of components for the aerospace industry.
• 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.
• 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.
• 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.