Global law firm White & Case has advised J.P. Morgan as Global Co-Ordinator, together with Banca IMI, Santander, Banca Akros and Kommunalkredit, on a landmark project bond financing for the construction of the Superstrada Pedemontana Veneta toll road in the Veneto region of Italy.

The transaction comprises the issuance of €1.221 billion variable rate senior secured amortizing notes and €350 million step-up subordinated secured notes in an innovative "bond only" capital structure where the junior notes provide a capital cushion during the construction phase.

The road, which is scheduled to be completed in September 2020, will run for 95 km between the cities of Vicenza and Treviso in Italy’s Veneto region. It is intended to improve connections and reduce congestion along the busy west-east axis in the north of Italy between Milan and Venice.

The transaction is the culmination of more than two years of work and represents:

    the first unrated "greenfield" (i.e. construction phase rather than refinancing) project bond ever;
    the largest European project bond to be placed without EIB credit enhancement; and
    one of the first Italian project bonds issued pursuant to Legislative Decree No. 50 of 18 April 2016, part of a package of legislative reforms introduced to facilitate infrastructure investment in Italy.

The notes have been issued pursuant to Regulation S and Rule 144A under the U.S. Securities Act and listed on the regulated market of the Irish Stock Exchange.

The White & Case team which advised on the Italian, US and English law aspects of the transaction was led by partner Michael Immordino (Milan and London) and local partner Paul Alexander (Milan). A number of teams across the firm advised on bond documentation, project finance matters, derivatives, Italian securities laws and regulatory issues, including partners Ingrid York (London), Iacopo Canino (Milan), Stuart Willey (London) and Gavin McLean (London); associates Kamran Ahmad (London), Bob Lehner (London), Louise Ruggiero (Milan), Davide Diverio (Milan), Alexia Mordacq (Milan), Nate Crowley (London), Ahyoung Koo (London) and James Read (London); and lawyers Sara Nehring (London), Ana O’Sullivan (London) and Olga Primiani (Milan).

A separate team led by counsel Claudio Medeossi (Dubai) advised Bishopsfield as Project Adviser and The Bank of New York Mellon as Trustee, Paying Agent, Escrow Agent and Security Agent, together with associates Greg Pospodinis and Adam Gao (Dubai).