Milbank Advises Initial Purchasers in Connection with Fedrigoni’s €730M High Yield Bond Offerings

Milbank LLP represented the initial purchasers in connection with the offering by Fiber Bidco S.p.A. (“Fiber Bidco”) of €430 million senior secured notes due 2031 and Fiber Midco S.p.A.’s (“Fiber Midco”) first-of-its-kind issuance of €300 million senior holdco pay-if-you-can-toggle notes due 2029.  

The proceeds from the offerings were used to (i) refinance Fiber Bidco’s existing senior secured notes due 2027, (ii) refinance Fiber Midco’s existing indebtedness and (iii) pay fees and expenses in connection with the transactions. 
 
The initial purchasers included Goldman Sachs Bank Europe SE, Morgan Stanley & Co. International plc, Nomura Financial Products Europe GmbH, UniCredit Bank GmbH, BNP Paribas, BPER Banca S.p.A., Intesa Sanpaolo S.p.A., Mizuho Securities Europe GmbH, Banca Monte dei Paschi di Siena S.p.A. and Banco Santander, S.A.
 
Fedrigoni is a leading global player in wine labels, specialty papers for luxury packaging, drawing paper and self-adhesive materials.
 
The Milbank team was led by European Leveraged Finance/Capital Markets partners Rebecca Marques and Laura Bonamis, and associates Melanie Probst, Matteo Bonacina and Alex Taylor. The team also had assistance from Tax partner Andrew Walker and associate Michelle Song.