Leather 2’s €340 Million High Yield Offering To Financing The Acquisition Of Conceria Pasubio By PAI Partners

Gattai Minoli Partners and Kirkland & Ellis advised PAI Partners , while Linklaters and Cravath advised the initial purchasers in the offering.

Leather 2 S.p.A., an entity indirectly beneficially owned by PAI Partners SAS and certain co-investors, executed the €340 million 144A/Reg. S high-yield senior secured notes offering.

Proceeds of the offering were used to finance in part the acquisition of Conceria Pasubio S.p.A., one of the leading suppliers of premium leather for the automotive industry. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on September 30, 2021.

The Gattai Minoli Partners team advising PAI Partners included partner Gaetano Carrello with senior associate Federico Tropeano, associate Pasquale Spiezio, Valentina Calò, Davide Stracquadanio, partner Cristiano Garbarini and senior associate Valentina Buzzi.

The Kirkland & Ellis team was led by partners Neel Sachdev and Cedric van den Borren, assisted by associates Elio Gaarthuis and Marco Bagnato.

Linklaters advised the initial purchasers, led by Goldman Sachs and Bank of America, with a team led by partner Andrea Arosio with managing associates Diego Esposito, Marco Carrieri, counsel Fabio Balza, managing associate Eugenia Severino, partner Chris Medley, managing associate Jack Naughton, associates Emma Shi and Tarini Wettimuni.

The Cravath team was led by partner Philip J. Boeckman, European counsel Roberto Bruno and associates Marc Bode, Brian T. Bodensteiner and Maurice Temming on capital markets matters, partner Christopher K. Fargo and associate Joana W. Li on tax matters, and senior attorney Annmarie M. Terraciano on environmental matters.

Involved fees earner: Marc Bode – Cravath Swaine & Moore; Brian Bodensteiner – Cravath Swaine & Moore; Philip Boeckman – Cravath Swaine & Moore; Roberto Bruno – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Joana Li – Cravath Swaine & Moore; Maurice Temming – Cravath Swaine & Moore; Annmarie Terraciano – Cravath Swaine & Moore; Valentina Buzzi – Gattai, Minoli, Partners; Valentina Calò – Gattai, Minoli, Partners; Gaetano Carrello – Gattai, Minoli, Partners; Cristiano Garbarini – Gattai, Minoli, Partners; Pasquale Spiezio – Gattai, Minoli, Partners; Davide Stracquadanio – Gattai, Minoli, Partners; Federico Tropeano – Gattai, Minoli, Partners; Marco Bagnato – Kirkland & Ellis; Elio Gaarthuis – Kirkland & Ellis; Neel Sachdev – Kirkland & Ellis; Cédric Van den Borren – Kirkland & Ellis; Andrea Arosio – Linklaters; Fabio Balza – Linklaters; Marco Carrieri – Linklaters; Diego Esposito – Linklaters; Chris Medley – Linklaters; Jack Naughton – Linklaters; Eugenia Severino – Linklaters; Emma Shi – Linklaters; Tarini Wettimuni – Linklaters;

Law Firms: Cravath Swaine & Moore; Gattai, Minoli, Partners; Kirkland & Ellis; Linklaters;

Clients: Bank of America; Goldman Sachs; PAI Partners;

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Author: Michael Patrini