Clifford Chance advised a syndicate of leading national and international banks and financial institutions in relation to a €651 million secured financing for Immobiliare Grande Distribuzione S.p.A.
The financing, which is floating rate, consists of three types of facilities: A (€285 million, with a 5-year term), B (€315 million, with a 7-year term), and C (€15 million revolving facility, with a term of up to 3 years).
The proceeds will primarily be used to partially refinance existing debt (including four secured bilateral loans, as well as two unsecured loans totalling approximately €298 million) and to fully repay the current outstanding bonds (for an amount above par, equivalent to around €288 million, including the redemption premium).
Clifford Chance advised the syndicate of banks and financial institutions with a team led by counsel Paolo Ballerini, with support from associate Camilla Rigamonti and trainee lawyers Pietro Zocche and Gabriele Costanzo Piccinino for the banking and finance aspects, while senior associate Andrea Sgrilli and associate Mario Martignago dealt with the tax aspects.
