A&O Shearman has advised a consortium of 14 banks in connection with the issuance of EUR770 million senior secured notes by F.I.S. Fabbrica Italiana Sintetici, a leading Italian company and one of the top players in Europe in the development and production of active pharmaceutical ingredients.
The offering comprised EUR300m 5.250% senior secured notes due 2031 and EUR470m senior secured floating rate notes due 2031. The proceeds from the issuance were used to refinance existing notes, address upcoming maturities, and finance shareholder distributions, further strengthening F.I.S.'s capital structure and financial stability.
In addition to the high yield bond issuance, A&O Shearman advised the banks on the upsize of F.I.S.'s revolving credit facility from EUR80m to EUR160m, alongside a concurrent maturity extension.
F.I.S. is majority owned by funds managed by Bain, while minority shareholders include F.I.S.'s founders and senior management.
A&O Shearman high yield partner Brad Weyland commented: "Transactions of this nature require deep capital markets expertise and close coordination across multiple jurisdictions. Our integrated cross-border platform allows us to bring together specialists in U.S., English, and Italian law to deliver efficient and seamless execution for our banking clients in the European high-yield space."
"Our integrated cross-border platform allows us to bring together specialists in U.S., English, and Italian law to deliver efficient and seamless execution for our banking clients in the European high-yield space."
Brad Weyland
Partner
The A&O Shearman team was led by UK managing partner Denise Gibson, high yield partner Brad Weyland, and leveraged finance partner Alice Smith, senior associates Odysseas Theofanis and Julius Greiner, and associates Majd Atalla, Paridhi Srivastava, Mubashshir Sarshar, Deborah Wathome, and Siobhan Ali.
Partners Alessandra Pala and Pietro Scarfone, assisted by associates Edoardo Brugnoli, Marta Mastroeni, Valentina Calò, Marco Mazzurco, and Alessia Cellucci, and trainee Antonio Bussolino, advised the banks on Italian law finance and capital markets matters, while Italian tax matters were handled by counsel Elia Clarizia and senior associate Simona Simone.