Cartitalia S.p.A. (Pro-Gest Group)’s €75 Million Notes Offering

Latham & Watkins assisted the Pro-Gest Group, while Gattai, Minoli & Partners and Milbank advised Carlyle.

Carlyle Global Credit announced its subscription for senior secured notes due 2025 issued in a private placement by Cartitalia S.p.A, a subsidiary of Pro-Gest S.p.A. This subscription is the third in a series of private placements by Pro-Gest S.p.A. and provides a total transaction amount of €200 million, following subscriptions by Carlyle Global Credit in December 2020 for aggregate principal amounts of €90 million, €35 million and €75 million senior secured notes due 2025 issued by Cartiere Villa Lagarina S.p.A., Tolentino S.p.A. and Cartitalia S.p.A., respectively, each a subsidiary of Pro-Gest.

The proceeds of the private placements will be used to refinance existing indebtedness, as well as to strengthen the capital structure of the Pro-Gest Group, to support the recent restart of operations at its Mantova mill and for the core business of the Pro-Gest Group.

Founded in 1973, the Pro-Gest Group is one of Italy’s leading vertically-integrated producers of recycled paper, containerboard, corrugated cardboard and packaging solutions with over €450 million revenue, approximately 1,200 employees and 29 sites. With a reinforced capital structure, the group is well placed to accelerate its growth and benefit from the structural positive trends in the paper and packaging industry.

Latham & Watkins assisted the Pro-Gest Group with a team led by partners M. Ryan Benedict, Marcello Bragliani and Alessia De Coppi, with associates Davide Camasi, Marco Bonasso, Marta Negro and Davide Chiarito.

The in-house team that followed the operation was led by Director Silvano Storer and CFO Paolo Fregolent, together with the internal legal team composed of General Counsel Sarah Parolin and Alberto Didonè.

The Gattai, Minoli & Partners team was led by partner Gaetano Cart and senior associate Elena Calzavara.

The Milbank team was led by London Capital Markets/ Leveraged Finance partner Suhrud Mehta, with special counsel Ana Grbec and associates Zoe Halliday, Stephanie Colquhoun and Philipp Engel.

Involved fees earner: Elena Calzavara – Gattai Minoli Agostinelli & Partners; Gaetano Carrello – Gattai Minoli Agostinelli & Partners; Ryan Benedict – Latham & Watkins; Marco Bonasso – Latham & Watkins; Marcello Bragliani – Latham & Watkins; Davide Camasi – Latham & Watkins; Davide Chiarito – Latham & Watkins; Alessia De Coppi – Latham & Watkins; Marta Negro – Latham & Watkins; Stephanie Colquhoun – Milbank LLP; Philipp Engel – Milbank LLP; Ana Grbec – Milbank LLP; Zoe Halliday – Milbank LLP; Suhrud Mehta – Milbank LLP;

Law Firms: Gattai Minoli Agostinelli & Partners; Latham & Watkins; Milbank LLP;

Clients: Carlyle Group; Pro-Gest;

Read the full article on Global Legal Chronicle Italia