Finance Monthly - September 2022

About The Deal Invitalia S.p.A. has signed a bridge financing to be drawn in full upon the first utilisation for the redemption of the notes, issued in 2017, for an amount of €350 million that was due on 20 July 2022. The bridge financing has been entered into only to cover a temporal misalignment between the expiry of these notes and the issue of a new bond that Invitalia is planning in the coming months. Being firm that it is a single transaction, the financing is made up by two separate facility agreements regulated by Italian law: (1) a bridge loan entered into with Santander Corporate & Investment Banking, as Mandated Lead Arranger and Original Lender, for an amount of €175 million; and (2) a bridge loan entered into with Banco BPM, as Mandated Lead Arranger and Original Lender, for an amount of €175 million. The Bridge Loans, with a three-month term which may be extended by Invitalia for a further three-month period, are interconnected and substantially include the same conditions save for the different economic terms applied by each banking intermediary. Invitalia’s obligations under the Bridge Loans rank and will rank, at least, pari passu with the claims of all other unsecured and unsubordinated creditors except for obligations mandatorily preferred by law. Invitalia was assisted by Giovanardi Studio Legale with the salary partner Luca Baroni and the inhouse legal team, the General Counsel Pasquale Ambrogio, Maurizio Demasi and Davide Corrado. Luca Baroni is a salary partner focusing on finance, regulatory, capital markets, funds and corporate law. The Bridge Loan for INVITALIA Legal Advisers to Invitalia: Avv. Luca Baroni Legal Advisers to the Lenders: Tr ans ac t i on Repor t s 60 Finance Monthly.

RkJQdWJsaXNoZXIy Mjk3Mzkz