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A&O advises banks on EUR 323.5 million bank/bond financing for the acquisition of BIP

Allen & Overy has advised a syndicate of banks including BNP Paribas, Crédit Agricole CIB, IMI-Intesa Sanpaolo and UniCredit Bank on the EUR 275 million bridge facilities agreement, EUR 48.5m revolving credit facility, and EUR 275m bond issuance to finance the acquisition of Business Integration Partners S.p.A. and certain of its holding companies (“BIP”). In September 2021, CVC Capital Partners Fund VIII, together with BIP’s equity partners, acquired BIP from Apax Partners, which had acquired control of BIP in March 2018.

The debt financing included a EUR 275m bridge facility and a EUR 48.5m revolving credit facility. The bridge facility was subsequently refinanced with an offering of EUR 275m aggregate principal amount of floating rate senior secured notes.

Denise Gibson, partner and co-head of A&O’s global leveraged finance group, commented: “We are thrilled to have been able to work with the banks in supporting CVC’s acquisition of BIP and providing the financial flexibility as BIP enters into the next stage of growth.”

Marc Plepelits, partner and head of the U.S. Corporate Finance team in Germany, commented: “This latest deal reaffirms that the high yield bond market continues to deliver for sponsor-backed LBOs in Italy. In a crowded market, it was very encouraging to see the bridge take-out receive great traction with investors.”

The A&O team was led by partners Denise Gibson and Marc Plepelits. Denise and Marc were assisted by leveraged finance associates Jennifer Spring and Sarah Findlay together with capital markets senior associates Rita Nicole Thomas and Martin Schmidt and associate Valerio Di Mascio.

A&O teams in Italy and Luxembourg also advised the banks. In Italy, the team was led by partner Stefano Sennhauser, supported by associate Alessandra Pirozzolo for the banking aspects, with partner Cristiano Tommasi and associate Edoardo Tonachella for capital markets aspects. Partner Francesco Guelfi, senior associate Elia Ferdinando Clarizia and Simona Simone advised on the tax profiles, and counsel Juri Bettinelli with associate Bianca Lascialfari on the restructuring aspects.

In Luxembourg, the team included capital markets partners Paul Peporte and Henri Wagner.