Milbank Advises on Italmatch Chemicals S.p.A.’s High Yield Bond Offering and Refinancing

Milbank LLP represented the initial purchasers, placement agents and lenders in connection with the offering and placement by Italmatch Chemicals S.p.A. (a Bain Capital portfolio company) of €690 million in aggregate principal amount of senior secured notes due 2028 and the amendment and maturity extension of its existing revolving credit facility.  The transaction featured an innovative cashless rollover feature, where certain holders of Italmatch's existing floating rate notes due 2024 exchanged their notes for new floating rate notes on a cashless basis in a private exchange offer.

The proceeds from the offering and placement are expected to be used to (i) refinance Italmatch’s existing notes due 2024, (ii) repay amounts drawn under the existing revolving credit facility, (iii) fund cash on Italmatch’s balance sheet and (iv) pay costs, fees and expenses in connection with the above transactions.

Italmatch is a global and diversified specialty chemicals group, focused on the manufacturing and marketing of a broad range of specialty chemical products such as phosphorus derivatives, polymers and esters.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Randy Nahlé, Apostolos Gkoutzinis and Alexandra Grant, associates Eugenia Repetto, Giulia Musmeci, Bisade Asolo and Panos Tsezos. Associates Melanie Probst and Kristian Sutt and legal assistant Matteo Bonacina also assisted the team on the transaction. Partner Michael Bellucci and associate Brianna Edwards advised on the US finance aspects of the offering. The team also had assistance from Tax Partner Eschi Rahimi-Laridjani and associate David Hanno.