Milbank Advises Saipem S.p.A. on Its €500M Debut Equity-linked Bond Issuance

Milbank LLP has advised Euronext Milan-listed Saipem S.p.A. (“Saipem”) in connection with its debut issuance of €500 million senior unsecured guaranteed equity-linked bonds due 2029. The proceeds of the bond offering will be used by Saipem for general corporate purposes, including the refinancing of certain existing indebtedness. The bonds will become convertible into Saipem ordinary shares, subject to the shareholders’ approval of the relevant capital increase.

Saipem is an Italian advanced engineering company focused on the design, construction and operation of complex, innovative and sustainable onshore and offshore infrastructure and plants with global operations. 

The Milbank team was led by European Leveraged Finance/Capital Markets partners Ana Grbec and Apostolos Gkoutzinis, and included associates Eugenia Repetto and Giulia Musmeci, with legal assistant Matteo Bonacina. Special counsels Andrew Callaghan and Alan Rafferty, with associate Jade du Berry, advised on the tax aspects of the offering.