Ashurst advised Natixis and the institutional investors as lenders on a hybrid financing via a second bond issuance and bank financing for Azienda Solare Italiana S.p.A. (ASI) (company controlled by Quercus and Swiss-Life) aimed at refinancing, amongst other things, part of ASI's solar portfolio.

Ashurst advised on the structuring of the financing, the drafting and negotiation of the finance documents related to the granting of the new facilities as well as the documentation relating to the bond issuance, including the security package. Ashurst also assisted the banks and the existing financiers with reference to the amendments of the existing finance documents, in order to implement the new financing transaction.

The new EUR 131 million refinancing, (including EUR 125 million fix and floating rate notes and EUR 6 million through bank financing), follows the hybrid financing completed by ASI in 2014 (first project bond in the renewable sector) in which Aviva and SCOR acted as underwriters of the notes and Natixis and UBI S.p.A. as lenders.
Natixis acted as arranger, financial advisor, transaction agent and financier of the new facilities.
BNP Paribas Securities Services acted as bondholders' representative, security agent, calculation and paying agent.

The Ashurst team was led by partner Carloandrea Meacci assisted by counsel Umberto Antonelli and Elena Giuffre, associates Federica Periale, Andrea Semmola, Pamela Infantino and Edoardo Bononi, all based in Milan.