Ashurst advised BNP Paribas Securities Services as principal paying agent, security agent and noteholders' representative on the EUR 100 million project bond issued by Metropolitana Milanese S.p.A., due 2035.

This is the first bond in the hydric sector under the project bond regulation in Italy, aimed at financing the improvement of the quality of water-related services in Milan.

MM S.p.A., an engineering company founded in 1955, has designed and supervised the construction of the underground lines in Milan and it is also in charge for the management of the integrated water service in the city.

The Ashurst team was led by partner Carloandrea Meacci assisted by counsel Umberto Antonelli and associate Andrea Semmola, all based in Milan.