Antonio Coletti

Latham & Watkins has advised Eni in its successful issuance of a dual tranche fixed rate bond in the US market, with maturities of 10 and 30 years for a total principal amount of US$2.25 billion. The transaction applies the Acupay System structure to accommodate tranches of securities from Italian issuers in US dollars offered and sold both inside and outside the US. The transaction marks the third successful bond issuance of Eni S.p.A. in the US market. The bond consists of a tranche due 2034 with a principal amount of US$1 billion, paying a fixed annual coupon of 5.50% and with an issue price of 99.333%, and a tranche due 2054 with a principal amount of US$1.25 billion, paying a fixed annual coupon of 5.95% and with an issue price of 98.828%. The Latham team was led by partners Ryan Benedict, Paolo Bernasconi and Antonio Coletti, with senior associate Marco Bonasso and associate Leonardo Simeoni. Advice was also provided on regulatory matters by partner Cesare Milani, with associate Irene Terenghi; and on tax matters by partners Jocelyn Noll, with associate Tessa Young.~~

May 16

1 min

Latham & Watkins has advised Pentafin S.p.A., the controlling shareholder of Piovan S.p.A., a company listed on Euronext Milan (the Company), in connection with the sale of 58.35% of the Company’s share capital to Automation Systems S.p.A., a vehicle owned by Investindustrial VIII SCSp fund. Automation Systems S.p.A. will acquire 31,275,541 ordinary shares of Piovan at a price of €14.00 per share, resulting in an aggregate transaction value of approximately €438 million and implying a market capitalization of the Company of approximately €716 million. The parties entered into an investment agreement pursuant to which Pentafin will reinvest in the purchaser’s share capital, with a 25% stake. Following the closing of the acquisition, the purchaser will launch a mandatory tender offer on all the Company’s shares (except for the treasury shares) with the aim of delisting the Company. The Latham team was led by partners Antonio Coletti and Giovanni Sandicchi with counsel Guido Bartolomei and associate Valeria Fiormonti.~~

Jul 19

1 min

Latham & Watkins has advised Business Integration Partners, one of the leading multinational consulting firms that employs more than 5,000 people around the world, in connection with the issuance and private placement of €70 million senior secured floating rate notes due 2031. The Latham team was led by Paris capital markets partner Roberto Reyes Gaskin, with associates Jackie Yonover and Hana Ladhari. Advice was also provided on banking matters by Milan partner Antongiulio Scialpi with associates Nicola Nocerino and Pasquale Spiezio; and on Italian corporate law matters by Milan partner Antonio Coletti.~~

Jun 13

1 min

TIM, Telecom Italia Finance and Telecom Italia Capital (each a TIM Issuer) made three separate but concurrent exchange offers (the Exchange Offers) to exchange certain series of their respective existing euro and US dollar denominated notes with corresponding new notes issued by the relevant TIM Issuer that upon completion of the sale of TIM’s landline network assets to KKR, will be mandatorily exchanged for an equal aggregate amount of the corresponding series of notes to be issued by Optics Bidco S.p.A., a KKR controlled vehicle. This unprecedented structure also included a highly innovative waterfall acceptance mechanism for the US Exchange Offers to provide priority to investors based on the tenor of the relevant note series. Latham & Watkins LLP represented TIM in the transaction on US and New York corporate law matters with a cross-border corporate team led by partner Jeffrey H. Lawlis and counsel Giorgio Ignazzi, with associates Chiara Coppotelli and Edoardo Picchi. Advice was also provided on English law matters by partner Manoj Tulsiani, with associate Carolina Gori; on Italian law matters by partner Antonio Coletti, with associates Marco Bonasso and Nicola Nocerino; on regulatory matters by Milan partner Cesare Milani, with associate Irene Terenghi; and on US tax matters by New York partner Jocelyn Noll, with associate Michael Yu.~~

May 22

1 min