Milbank Advises on Financing for Almaviva's Acquisition of Iteris Inc.

Milbank LLP represented the financing sources in connection with Almaviva S.p.A.’s acquisition of Iteris Inc. (NASDAQ-listed). Milbank advised the initial purchasers in connection with the offering by Almaviva S.p.A.’s of €725 million 5.00% senior secured notes due 2030 and a new revolving credit facility.

The proceeds of the offering of the senior secured notes will be used to finance the acquisition of Iteris Inc., redeem all outstanding amounts under Almaviva S.p.A.’ existing 4.875% senior secured notes due 2026, and pay transaction costs and expenses (including redemption premiums and accrued interest) in connection with the offering.

Headquartered in Rome, Almaviva is a leading provider of mission-critical IT services in Italy and a leading provider of digital relationship management services in Brazil. Its business consists of three operating divisions organized around three principal areas of activity: IT Services, DRM and Almawave, its innovation and new technologies business. The acquisition of Iteris represents a significant expansion of Almaviva in the US market.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Ana Grbec and Alexandra Grant, associates Melanie Probst, Giulia Petragnani Gelosi, Federica Venegoni, Matteo Bonacina, Raiyan Chowdhury and law clerk Luca Mirabile. The team also included New York-based Global Leveraged Finance partner Spencer Pepper and associates Abril Kang, Edward McCartney and Daniel Woods and London Tax associate Freddy Pilkington.