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A&O advises on the private placement of a bond to support growth of Italian SMEs and Mid-Caps

The EUR750 million bond was issued by UniCredit and fully subscribed by Cassa Depositi e Prestiti.

Allen & Overy has advised on the private placement of a EUR750m senior unsecured bond issued by UniCredit under its EMTN Program – which facilitates access to credit for Italian companies – and fully subscribed by Cassa Depositi e Prestiti (CDP). 

The funds will contribute to the growth and investments of companies operating in strategic sectors off the Italian economy, such as consumer goods, mechanics and metals, catering, and tourist services. At least 51% of the funds must be designated to small and medium-sized companies and enterprises, and an amount at least equal to 25% of the total resources [must be awarded] in favour of SMEs and Mid-Caps active in the above-mentioned sectors and based in one of the eight regions of Southern Italy. 

The proceeds of the bond, listed on the Luxembourg Stock Exchange, will be fully used by UniCredit through the concession of new loans - for an amount up to EUR20m and with a duration of not less than 24 months - in favour of Italian companies active in strategic sectors within Italy.

The transaction involved a team led by partner Cristiano Tommasi and supported by associate Elisabetta Rapisarda and trainee Marco Mazzurco and another team headed by partner Craig Byrne, with counsel Alessandra Pala and associate Alessandro Negri.