Ascopiave S.p.A.’s €25 Million Notes Offering

BonelliErede and Cadwalader Wickersham & Taft acted alongside Ascopiave Spa, while Ashurst advised Pricoa Private Capital.

Ascopiave has perfected a “Shelf” program for a non-binding private placement of up to 200 million dollars, as well as having simultaneously issued and placed non-convertible and unsecured ordinary bonds for 25 million euros with Pricoa Capital Group, a company of the US Prudential group Financial.

The securities, unrated and which will not be listed on regulated markets, were issued in a single tranche with a maturity of 10 years, an average duration of eight years and a fixed interest rate. The proceeds will be used by Ascopiave for various business purposes, including the refinancing of bank debt, leaving the company sufficient margin for further capital expenditures and / or m & a opportunities.

The “Shelf” program provides for the possibility – and not the obligation – for Ascopiave to quickly issue further private bond placements with Pricoa also in the next three years.

Ascopiave Spa is one of the main national operators in the natural gas distribution sector. The Group holds concessions and direct assignments for the management of the business in 268 municipalities, providing the service to approximately 775,000 users through a network of over 12,000 kilometers.

BonelliErede acted alongside Ascopiave, with a team coordinated by partner Giuseppe Sacchi Lodispoto, member of the Banks Focus Team and composed, for the banking aspects, by the same, by the managing associate Francesco Lucernari and by the associate Paolo Invincibile, for the tax aspects by the partner Andrea Silvestri, by the associate Luigi Quaratino and by the associate Alessandra Pulito and for the capital markets aspects by the managing associate Federica Munno.

Cadwalader Wickersham & Taft acted with a team consisting of partner Suzanne Bell and associate Jake Lindsay for the English and American law aspects.

For Ascopiave, the work was coordinated by Riccardo Paggiaro, the group’s chief financial officer, and by Federica Stevanin, the group’s general counsel.

To assist Ascopiave for the issue was Mediobanca, who worked as sole arranger with a team consisting of Gian Matteo Bruni, Marco Spano and Chiara Aquino.

Ashurst assisted Pricoa Private Capital, with a cross-border team led from Milan by banking partner Mario Lisanti, supported by Davide Cipolletta (trainee) and Andrea Scarfone (stagiaire). The tax partner Michele Milanese provided advice on some tax aspects of the transaction. The London team was led by Anna Delgado (partner and head of the London debt capital markets team) and Jeffrey Johnson (partner, US Securities), supported by Ben Suthers (associate) and Millie Gray (trainee).

Involved fees earner: Davide Cipolletta – Ashurst; Anna Delgado – Ashurst; Jeffrey Johnson – Ashurst; Mario Lisanti – Ashurst; Michele Milanese – Ashurst; Andrea Scarfone – Ashurst; Ben Suthers – Ashurst; Paolo Invincibile – BonelliErede; Francesco Lucernari – BonelliErede; Federica Munno – BonelliErede; Alessandra Pulito – BonelliErede; Luigi Quaratino – BonelliErede; Giuseppe Sacchi Lodispoto – BonelliErede; Andrea Silvestri – BonelliErede; Suzanne Bell – Cadwalader Wickersham & Taft; Jake Lindsay – Cadwalader Wickersham & Taft;

Law Firms: Ashurst; BonelliErede; Cadwalader Wickersham & Taft;

Clients: Ascopiave; Pricoa Capital Group;

Author: Michael Patrini