Global law firm K&L Gates has assisted PGIM Private Capital (PGIM) in finalizing a US$200 million private shelf facility with Verona-based multi-utility company AGSM AIM S.p.A., which involved Italian, US, and UK finance issues and Italian tax matters. PGIM is the private capital division of PGIM, Inc., the global investment management business of Prudential Financial, Inc.
The first issuance under the facility was a €50 million green bond granted to AGSM AIM and underwritten by PGIM. Proceeds from the green bond will support AGSM AIM's Green Financing Framework, including funding strategic investments in energy transition, energy efficiency, technological innovation, and the sustainable development of its services. Over the next three years, AGSM AIM will have the opportunity to issue additional bonds up to the euro equivalent of US$200 million.
The Finance team was led by Milan partner Chiara Anceschi with support from partners Sean Crosky (London), Michael Anderson (London), and Anthony Nolan (New York), as well as trainees Elisa Massimetti (Milan) and Harriet Sherwin (London). Milan partner Vittorio Salvadori di Wiesenhoff provided tax advice.
Anceschi commented: "This project has so many remarkable aspects. Not only is it the first green bond issued by PGIM in Italy for sustainable initiatives, but it also marks the launch of a Private Shelf Facility with AGSM AIM, supporting strategic investments in energy transition and innovation. It serves as a successful example of how we can operate as a truly integrated, cross-border, multidisciplinary firm to assist a major international client pursue impactful sustainability goals across jurisdictions. We look forward to seeing positive results accrue from this collaboration."
K&L Gates' global Finance practice integrates the many disciplines involved in financing and restructuring transactions across markets and industries around the globe. With lawyers in offices across Asia, Australia, Europe, the Middle East, North America, and South America, the practice maintains a balance between buy-side and sell-side representation in its work on behalf of lenders, borrowers, servicers, collateral managers, trustees, rating agencies, investors, and other participants in a wide array of financing transactions.