Milbank Advises on Italmatch Chemicals S.p.A.’s High Yield Bond Offering and Refinancing

Milbank LLP represented the initial purchasers and lenders in connection with the offering by Italmatch Chemicals S.p.A. (a Bain Capital portfolio company) of €690 million in aggregate principal amount of senior secured notes due 2031 and the amendment, upsize and maturity extension of its existing revolving credit facility. The proceeds from the offering are expected to be used to refinance Italmatch’s existing notes due 2028 and pay costs, fees and expenses in connection with the above transactions.

Italmatch is a global and diversified specialty chemicals group, focused on the manufacturing and marketing of a broad range of specialty chemical products such as phosphorus derivatives, polymers and esters.

The Milbank team was led by European Leveraged Finance/Capital Markets partner Rebecca Marques, and associates Vasujith Ram, Panos Tsezos and law clerk Federico Costantino. European Leveraged Finance/Capital Markets partner Alexandra Grant, and associates Natasha Cacela and Tom Shurman advised on the amendment of the revolving credit facility as well as on English law aspects of the offering, while Global Leveraged Finance partner Charles Stern and associates Riley Ruppel and Mo Zeighami advised on the US finance aspects of the offering. The team also had assistance from Tax Partner Eschi Rahimi-Laridjani and associate Blake Rocks.