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WFW advises on Onorato Armatori refinancing

18 February 2016

EN | IT

International law firm Watson Farley & Williams (“WFW“) has advised a syndicate of banks on all maritime aspects of the refinancing, via high yield bond issues and senior secured credit lines, of Onorato Armatori S.p.A. (“Onorato”) and its subsidiaries Moby S.p.A. (“Moby”) and Compagnia Italiana di Navigazione S.p.A. (“CIN”). Moby and CIN are market leading Italian companies in the maritime passengers and Ro-Ro transportation sectors.

The syndicate of banks included J.P. Morgan, Goldman Sachs International and UniCredit as mandated lead arrangers, global coordinators and bookrunners; Banca IMI and Banca Popolare di Milano as mandated lead arrangers and bookrunners; and Banca Monte dei Paschi di Siena as mandated lead arranger. UniCredit acted as agent bank, security agent and issuing bank. The high yield senior secured bond issue, due by 2023, was equal to €300m.

Goldman Sachs, J.P. Morgan Securities, UniCredit Bank AG, Banca IMI, Banca Akros and Jefferies acted as initial purchasers, UniCredit as security agent and Citibank London Branch as trustee. The senior secured credit lines (term and revolving) granted to Onorato, Moby and CIN, are equal to €260m.

The WFW team advising the syndicate on maritime matters was led by Rome partner Furio Samela, assisted by senior associate Michele Autuori and associates Emanuele Caretti, Antonella Barbarito and Beatrice D’Amato.

Latham & Watkins acted as principal legal adviser to the syndicate, with Maisto e Associati advising on tax matters.

White & Case acted for Onorato.