IFLR1000

ICBPI €1.1 billion high yield PIK note issue

13/11/2015
High-yield bond/note issue
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€ 1 billion

$ 1.123 billion

Completed

13/11/2015

Overview:

  • Bain Capital, Advent International and Clessidra have financed the acquisition of Istituto Centrale delle Banche Popolari Italiane (ICBPI) through the issue of a €1.1 billion high yield bond.
  • The deal consists of an issue of €900 million senior secured fixed rate PIK toggle notes due 2021 and €200 million senior secured floating rate PIK toggle notes due 2021.
  • Goldman Sachs, HSBC and JPMorgan acted as global coordinators with Bank of America Merrill Lynch, Citi, UniCredit and Nomura acting as bookrunners.

Sam Duke - Editor

Jurisdictions:

Italy
Luxembourg

Deal type:

High-yield bond/note issue

Practice area:

Capital markets : Debt

Industry sector:

Banking

Firms:
Bonelli Erede Lombardi Pappalardo

Party: Istituto Centrale delle Banche Popolari Italiane (ICBPI) (Issuer)

Party: Advent International (Sponsor)

Party: Bain Capital (Sponsor)

Lawyers: Carlo Montagna (left), Emanuela Da Rin

BSP

Party: Istituto Centrale delle Banche Popolari Italiane (ICBPI) (Issuer)

Party: Advent International (Sponsor)

Party: Bain Capital (Sponsor)

Lawyer: Linda Harroch

Carey Olsen

Party: Istituto Centrale delle Banche Popolari Italiane (ICBPI) (Issuer)

Party: Advent International (Sponsor)

Party: Bain Capital (Sponsor)

Lawyer: Simon Marks

Elvinger Hoss Prussen

Party: Goldman Sachs (Global coordinator)

Party: HSBC (Global coordinator)

Party: JPMorgan Chase (Global coordinator)

Party: Bank of America Merrill Lynch (Bookrunner)

Party: Citigroup (Bookrunner)

Party: Unicredit (Bookrunner)

Party: Nomura (Bookrunner)

Lawyers: Linda Funck, Philippe Prussen

Kirkland & Ellis

Party: Istituto Centrale delle Banche Popolari Italiane (ICBPI) (Issuer)

Party: Advent International (Sponsor)

Party: Bain Capital (Sponsor)

Latham & Watkins

Party: HSBC (Global coordinator)

Party: JPMorgan Chase (Global coordinator)

Party: Bank of America Merrill Lynch (Bookrunner)

Party: Citigroup (Bookrunner)

Party: Unicredit (Bookrunner)

Party: Nomura (Bookrunner)

Party: Goldman Sachs (Global coordinator)

Lawyers: Dan Maze, Jennifer Engelhardt, Marcello Bragliani, Richard Trobman

Ogier

Party: Goldman Sachs (Global coordinator)

Party: HSBC (Global coordinator)

Party: JPMorgan Chase (Global coordinator)

Party: Bank of America Merrill Lynch (Bookrunner)

Party: Citigroup (Bookrunner)

Party: Unicredit (Bookrunner)

Party: Nomura (Bookrunner)

Lawyer: Bruce MacNeil

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