Fabric’s €225 Million Senior Secured Floating Rate Notes

Milbank LLP advised BNP Paribas, HSBC Bank plc, KKR Capital Markets Limited, Nomura International plc, UniCredit Bank AG and Unione di Banche Italiane S.p.A. as Initial Purchasers.

Fabric (BC) S.p.A. issued €225 million Senior Secured Floating Rate Notes due 2026. The proceeds were used to repay amounts outstanding under a senior secured bridge facility used to fund the acquisition by Fedrigoni of Ritrama S.p.A., Coating Ricofin S.p.A. and Eurotac S.p.A. (“Ritrama Group”). Milbank also advised the Lenders under the senior secured bridge facility.

Fedrigoni is a leading European manufacturer and distributor of specialty paper, pressure sensitive products and security products, such as banknote paper and security features. On January 31, 2020, Fedrigoni completed the acquisition of the Ritrama Group, which is a global manufacturer and distributor of pressure sensitive products with leading global positions in the production of labels for consumer industrial end markets.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis (Picture), Alexandra Grant, Rebecca Marques and special counsel Trevor Truman, with associates Dimos Papanikolaou, Andrew Bechtel, Serguei Chevtchenko and Philipp Engel. The team also included New York Tax partner Andrew Walker and associate Benjamin Heller and London tax associate James Seddon.

Involved fees earner: Andrew Bechtel – Milbank; Serguei Chevtchenko – Milbank; Philipp Engel – Milbank; Apostolos Gkoutzinis – Milbank; Alexandra Grant – Milbank; Benjamin Heller – Milbank; Rebecca Marques – Milbank; Dimos Papanikolaou – Milbank; James Seddon – Milbank; Trevor Truman – Milbank; Andrew Walker – Milbank;

Law Firms: Milbank;

Clients: BNP Paribas; Hsbc Bank plc; KKR Capital Markets Limited; Nomura International plc; Ubi Banca Gruppo; UniCredit Bank AG;