Ashurst advised infrastructure funds F2i and Ardian as the sponsors and 2i Rete Gas S.p.A. (formerly Enel Rete Gas) as the borrower and Issuer on the refinancing of the existing bank debt of Italian gas distribution network 2i Rete Gas S.p.A. through the establishment of a €3 billion Euro Medium Term Note (EMTN) programme and a €1.75 billion bank refinancing. The banks involved include Banca IMI, Bank of America Merrill Lynch, BNP Paribas, Credit Agricole Corporate and Investment Bank, Mediobanca, Unicredit and Cassa Depositi e Prestiti. The inaugural €1.35 billion of bonds under the programme were issued today, 16 July, comprising €750,000,000 1.75% notes due in 2019 and €600,000,000 3% notes due in 2024.

The transaction is one of the most significant deals in the Italian market in 2014 as it is one of the largest bond and bank combination refinancings carried out in Italy. It is also the first bond in the Italian gas distribution sector for a company that is not equity listed.

Commenting on the transaction, partner Carloandrea Meacci said: "It has been a great privilege to work on such an exciting and important transaction, that will allow the business to be well positioned heading into the new regulatory period and for the next phase of its development."

The Ashurst Energy, Resources and Infrastructure team in Italy comprised: Carloandrea Meacci (lead partner), Nunzio Bicchieri (counsel), Francesca Brilli, Annamaria Pinzuti (senior associates), Elena Macchi, Federica Periale, Nicola Toscano and Giuseppe Totino (associates).
The International Finance team comprised: Derwin Jenkinson (partner), Gianluca Fanti (partner), Paul Stewart (partner), Chris Hardingham (counsel), Giorgia Sosio de Rosa and Francesco Scebba (associates).

Other Italian team members involved included Ilario Giangrossi (partner), Domenico Gullo (partner), Daniele Iorio (senior associate), Andrea Zoppolato and Matteo Bozzo (associates).