White & Case advises Rossini on €1.850 billion high yield senior secured notes issuance

Global law firm White & Case LLP has advised Rossini S.à r.l. on its issuance of a €1.850 billion high yield bond, issued pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Luxembourg Stock Exchange's multilateral trading facility market, as well as entry into a new €197.5 million revolving credit facility.

The issuance consists of two tranches: €1 billion 6.750% senior secured fixed rate notes due 2029; and €850 million senior secured floating rate notes due 2029. The proceeds from the offering will be used, among other things, to refinance the existing debt of Rossini and its indirect parent company Rossini Investments S.à r.l.

Rossini is the investment holding company indirectly controlled by CVC Capital Partners that owns 52.51 percent of the share capital of Recordati S.p.A., an international pharmaceutical group active in the development, production and sale of pharmaceuticals for specialty and primary care and orphan drugs for the treatment of rare and ultra-rare diseases.

The White & Case team that advised on the transaction's capital markets aspects was led by partners Michael Immordino (London & Milan), Evgeny Scirto Ostrovskiy (Milan & London) and James Greene (London) and included associates Daniele Pojani, Lorenza Fici and Pietro Bancalari and lawyers Leonardo Rubera and Noemi Stimamiglio (all Milan). The team that advised on the debt finance aspects included partners Martin Forbes (London) and Iacopo Canino (Milan), local partner Bianca Caruso (Milan) and associates Benjamin Morrison (London) and Beatrice Bertuzzi (Milan). The team that advised on the Luxembourg law aspects of the transaction included counsel Willem de Wiele (Brussels & Luxembourg) and associates Scott Goldner and Madeleine Tardif (both Brussels). The team that advised on the foreign direct investment aspects of the transaction included counsel Tommaso Tosi and associate Francesco Balestra (both Milan).

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