Practice Areas - Project Finance and Infrastructure Law Firms and Lawyers
| Deal Date: | 16-07-2014 | Practice Area: | Project Finance and Infrastructure |
| Deal Title: | 2i Rete Gas Refinancing Euro MTN Programme | Industry: | Gas, Water & Multiutilities |
| Description: |
Ashurst advised infrastructure funds F2i and Ardian as the sponsors and 2i Rete Gas S.p.A. (formerly Enel Rete Gas) as the borrower and Issuer on the refinancing of the existing bank debt of Italian gas distribution network 2i Rete Gas S.p.A. through the establishment of a EUR3 billion Euro Medium Term Note (EMTN) programme and a EUR1.75 billion bank refinancing. The banks involved include Banca IMI, Bank of America Merrill Lynch, BNP Paribas, Credit Agricole Corporate and Investment Bank, Mediobanca, Unicredit and Cassa Depositi e Prestiti. The inaugural EUR1.35 billion of bonds under the programme were issued on 16 July, comprising EUR750,000,000 1.75% notes due in 2019 and EUR600,000,000 3% notes due in 2024.
The transaction is one of the most significant deals in the Italian market in 2014 as it is one of the largest bond and bank combination refinancings carried out in Italy. It is also the first bond in the Italian gas distribution sector for a company that is not equity listed.
The Ashurst Energy, Resources and Infrastructure team in Italy comprised: Carloandrea Meacci (lead partner), Nunzio Bicchieri (counsel), Francesca Brilli, Annamaria Pinzuti (senior associates), Elena Macchi, Federica Periale, Nicola Toscano and Giuseppe Totino (associates).
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| Financial Center: | Milan | Value: | 1000.01-5000.00 |
| Advised Party: | Project Company Issuer | Law Firm | Ashurst |
| Project Jurisdiction | Italy | Sponsor Jurisdiction | Italy |
| Classification: |
Project Bonds Oil and Gas: |
Lawyer | Carloandrea Meacci |
