White & Case LLP has advised Onorato Armatori S.p.A. on the refinancing of its existing indebtedness through the issuance of a secured high yield bond and a senior secured term and revolving credit facilities.

The high yield bond – the first debut issuance in Europe in 2016 – consisted of the issuance of €300 million, 7.75 percent Senior Secured Notes due 2023. Goldman Sachs, J.P. Morgan Securities, UniCredit Bank AG, Banca IMI, Banca Akros and Jefferies acted as initial purchasers, UniCredit S.p.A. acted as security agent and Citibank, London Branch acted as trustee.

The €260 million senior secured term and revolving credit facilities agreement was between Onorato Armatori S.p.A. and its subsidiaries Moby S.p.A. and Compagnia Italiana di Navigazione S.p.A., as borrowers, and J.P. Morgan Limited, Goldman Sachs International and UniCredit S.p.A. as mandated lead arrangers, global coordinators and bookrunners. Banca IMI and Banca Popolare di Milano acted as mandated lead arrangers and bookrunners and Banca Monte dei Paschi di Siena as mandated lead arranger. UniCredit S.p.A. also acted as agent, security agent and issuing bank.

Onorato Armatori S.p.A. is the largest passenger and freight roll-on roll-off  ferry operator in Italy, providing transportation services connecting mainland Italy to islands off the Italian coast. It operates through its subsidiaries Moby S.p.A., Compagnia Italiana di Navigazione S.p.A. and Toscana Regionale Marittima S.p.A.

The White & Case team which advised on the transaction was led by partners Michael Immordino (London & Milan),  Paul Clews (London) and Iacopo Canino  and local partner Nicholas Lasagna (both Milan), with support from associates Robert Becker, Silvia Pasqualini, Carlos Ruiz, Riccardo Maggi Novaretti (all Milan) and Anna Soroka (London), and lawyers Davide Diverio and Lorenzo Colombi Manzi (both Milan).