The Legal 500

Chiomenti Studio Legale recently assisted Delmi with the high-value refinancing of Edipower, and advised Avio Group on the amendment and extension of €1.3bn senior facilities and a performance bonds facility agreement. Carmelo Raimondo, Carola Antonini, Luca Bonetti, Giulia Battaglia, and practice head Giorgio Cappelli are recommended. Ferigo Foscari joined White & Case LLP.

Clifford Chance remains involved in many of Italy’s groundbreaking deals and advises across the full spectrum of lending work. The practice acted for the lenders on the high-value refinancing of Edipower’s existing debt, which was one of the most significant refinancings of 2012. Partners Charles Adams and Giuseppe De Palma are widely esteemed, and counsels Francesca Cuzzocrea and Ferdinando Poscio are also key contacts.

Linklaters ‘strikes a balance between the client’s commercial needs and professional, legal advice’. The team assisted 12 lenders with the €2.1bn multi-borrower financing of Axa PE and F2i infrastructure fund’s acquisition of G6 Rete Gas distribution network. The team also advised Fiat, and certain of its subsidiaries, on obtaining a revolving facility worth up to €1.95bn. Italy managing partner Andrea Arosio and restructuring and insolvency head Francesco Faldi are recommended along with Davide Mencacci and energy counsel Tessa Lee.

Allen & Overy – Studio Legale Associato’s Stefano Sennhauser is ‘one of the best lawyers around for structured finance work; he has a profound understanding of the industry and the key legal issues’. The team acted for the mandated lead arrangers on the €9bn syndicated loan made available to SNAM to finance its capital requirements and repay its current debt to Eni as part of the Italian government’s ownership unbundling programme. Nicholas Clark arrived from the London office to head the English law banking lawyers, replacing Paul Flanagan, who returned to London.

Bonelli Erede Pappalardo assisted the financial advisers and lenders with the financing and refinancing, through a bond issuance, of a gas-storage project in northern Italy, and advised Tangenziale Esterna on the financing of the engineering, construction and maintenance of a motorway section. Rome-based Emanuela Da Rin, Pierpaolo Mastromarini and Catia Tomasetti are recommended, as are Giuseppe Rumi and Giuseppe Sacchi Lodispoto in Milan.

Freshfields Bruckhaus Deringer advised Permira on the financing aspects relating to its sale of Valentino Fashion Group; RBS as arranger of a €170m loan to Comes (part of the Corio Group), secured by a mortgage over a shopping centre; and TotalERG as borrower of a €900m secured-term loan and revolving credit facility. Milan-based Emiliano Conio and Corrado Angelelli are well regarded.

Gianni, Origoni, Grippo, Cappelli & Partners recruited Rome-based structured finance experts Luigi Chessa, Stefano Agnoli and Giuseppe Schiavello from CDP Studio Legale Associato. The team advised Sviluppo Centro Ostiense on obtaining a €230m loan from UniCredit and Banca IMI to finance the re-qualification and development of Rome’s Ex Mercati Generali. Rome-based Eugenio Grippo and Giuseppe De Simone and Milan-based Ottaviano Sanseverino and Matteo Bragantini are experienced practitioners.

Latham & Watkins LLP advised Mediocredito Italiano – Banco di Napoli on a debt financing to enable Adler Plastic’s acquisition of the majority shareholding in HP Pelzer Holding. Riccardo Agostinelli is local banking and finance chair, Andrea Novarese is global banking practice group co-chair, and Lorenzo Vernetti was promoted to partner.

Legance Studio Legale Associato’s ‘tremendous team has rare business acumen’. It advised Enel Finance International on obtaining €3.2bn in syndicated loans guaranteed by Enel, and acted for Mediobanca, Intesa Sanpaolo and Unicredit on the €600m financing of the public tender offer for the Benetton Group. In Milan, project finance expert Monica Colombera is ‘extremely helpful, and understands the specific concerns of banks’; and Alberto Giampieri and Andrea Giannelli are also recommended. Rome-based Giandomenico Ciaramella is also an experienced practitioner; and project finance specialist Rosella Antonucci gives ‘pragmatic, fast advice that is delivered with an unparalleled attention to detail’.

Ashurst’s ‘support is excellent in terms of availability, response times and industry knowledge’. The practice was recently involved in the financing of large and complex projects that are under development in Italy. It also advised Banca IMI, as arranger and lender, on the financing of Greentech Energy Systems A/B’s public takeover bid for Fersa Energìas Renovables’ entire share capital. Milan-based managing partner Franco Vigliano and Gianluca Fanti are recommended, and Carloandrea Meacci is ‘without a doubt excellent’.

DLA Piper LLP is ‘always ready to find efficient, tailored solutions’. The firm recruited a team from Grimaldi e Associati: these included Milan-based Ugo Calò and Federico Zucconi Galli Fonseca , who is ‘great at negotiating on the sponsor side’; and Rome-based Giovanni Ragnoni Bosco Lucarelli, who is ‘always ready to find innovative solutions and is able to work under intense time pressure’. The practice assisted the lender with the financing of upgrade works for the third section of the Salerno-Reggio-Calabria motorway, and advised Eni (and various Eni group companies) on the $800m export financing of an oil rig. In Milan, department head Mario D’Ovidio ‘finds solutions’ and Rodolfo Errore is widely praised. The ‘reliable and diligent’ Martin Pugsley co-ordinates the practice’s English law advice in Italy.

Hogan Lovells Studio Legale’s ‘lawyers are highly reliable, timely, and have deep local and international knowledge’. The team advised International Finance Corporation on the financing of industrial facilities in Serbia. Roberto Culicchi has ‘an analytical and problem-solving approach’, Jeffrey Greenbaum is an expert in financial services and asset management matters, and Corrado Fiscale and Federico Del Monte are also key contacts.

NCTM Studio Legale Associato recently advised Banco di Sardegna as lender on a loan to be used for the EC’s JESSICA Evaluation Study for Sardinia; and assisted Limoni Group, a chain of perfume shops controlled by Bridgepoint, with complex debt restructuring. The team also advised MLA (BIIS) on a project financing transaction relating to a photovoltaic plant in Lazio. Milan-based Corrado Verna and Stefano Padovani are recommended, as are Vittorio Valieri and Eugenio Siragusa in Rome.

Norton Rose Studio Legale acts on acquisition, asset and energy finance, as well as export credit and trade finance, project finance, public finance, real estate lending, restructuring and insolvency, and general commercial lending. The team advised the project company Brebemi, as borrower, on increasing a bridge loan granted to finance the realisation of a large highway project in northern Italy. Milan-based Arturo Sferruzza, Mario Lisanti and Gennaro Mazzuoccolo are recommended, as are Umberto Mauro and Stefano Maria Zappalà. Zappalà ‘takes clear positions on complex issues’.

Pedersoli e Associati’s ‘service levels are highly professional, and performed with efficiency and competency’. The practice advises banks and other financial institutions, funds, corporate clients and financial advisers, and benefits from the firm’s longstanding tradition of advising leading Italian banking groups. The team is supported by regulatory, tax, corporate, commercial and insolvency colleagues. Recently, it advised a pool of banks in on a €100m facility to finance the acquisition of Italian travel agency group, Alpitour, and its subsidiaries. Alessandro Fosco Fagotto is ‘precise, and is an excellent negotiator’, and Maura Magioncalda shows ‘skill and a logical approach when managing clients’.

Cleary Gottlieb Steen & Hamilton LLP acted for Saras in the negotiation of a €170m five-year loan agreement with a pool of international and Italian banks; and Fiat Industrial in obtaining a €350m loan from the European Investment Bank to support its development of alternative power and fuel technologies for trains and other commercial vehicles. Rome-based Claudio Di Falco is recommended, as are Roberto Bonsignore and counsel Carlo de Vito Piscicelli in Milan.

Real estate, acquisition, structured and project finance are core parts of Jones Day’s practice, which takes ‘a sensible approach and is commercial when needed’. It advised Deka Immobilien Investment on debt financing issues concerning an ongoing property development in Italy. Francesco Squerzoni is ‘excellent during negotiations’, and Andrea Cantarelli is also a key contact.

Orrick, Herrington & Sutcliffe advised SNAM on €4bn-plus financing agreements granted to it. Rome-based Patrizio Messina leads the team, which also includes experienced advisers Raul Ricozzi in Rome and senior associate Dorothy de Rubeis in Milan.

Alberto Del Din and Alessandro Stoppa are recommended at Paul Hastings LLP, which represented Aareal Bank, as lender, on Borgo Reno’s debt restructuring in the context of a wider transaction.

Studio Legale Associato in affiliation with Simmons & Simmons LLP’s Milan-based Fabrizio Dotti and Davide D’Affronto are co-heads of the banking practice. D’Affronto is ‘a problem-solver and has a positive approach that helps to facilitate negotiations and the closing of deals’. The team advised the banks on the refinancing and increase of a facility granted to finance the acquisition of Euticals. Rome-based Romeo Battigaglia is recommended, and leads the Italy financial markets practice.

Tonucci & Partners advised Centrobanca, as arranger and lender, on a long-term facility for a private equity fund’s LBO acquisition of the Consonni Group, which manufactures and supplies luxury furniture. Milan-based Stefano Cirielli and Manlio Niccolai are recommended, as is Rome-based Livio Esposizione. The ‘excellent’ Annalisa Pescatori joined the Milan office from Grimaldi e Associati. Umberto Baldi was hired by Fincantieri as general counsel.

Studio Legale Associato a Watson, Farley & Williams’ activity ranges from shipping finance, security packages and restructuring, to the financing of acquisitions, real estate and projects. The practice advised Impax Asset Management Group, a private equity fund, on the financing of its purchase of nine photovoltaic power projects in southern Italy. Furio Samela and Italy managing partner, Eugenio Tranchino, are experienced advisers.

White & Case LLP has ‘proved to be very reliable, co-operative and proactive, and provides commercially focused, tailored legal advice and timely legal solutions. The team also understands banks’ needs’. It advised Piaggio on a €200m revolving credit facility. Milan-based Nicholas Lasagna and Michael Immordino are recommended. The team recruited Milan-based Iacopo Canino from Giliberti Pappalettera Triscornia e Associati and Ferigo Foscari from Chiomenti Studio Legale. Lasagna and Canino are ‘particularly good. They have excellent knowledge of the Italian legal market and are technically very good, both on the English and Italian law aspects of deals’.

Asset management and investment services are key elements of Bird & Bird’s practice. The team advised Aureo Gestioni on restructuring a range of mutual funds, and assisted BNL with making available three credit lines to Tes in order to partially refinance a bridge loan and support its working capital demands. Milan-based team head Raimondo Maggiore is recommended, as are experienced practitioners Stefano Febbi and Danilo Quattrocchi, in Rome.

d'Urso Gatti e Bianchi Studio Legale Associato advised Mediobanca – Banca di Credito Finanziario on a €1.5bn financing that was granted by a pool of Italian banks to ENEL Finance International. Milan-based Giancarlo Castorino is the key contact.

Giliberti Pappalettera Triscornia e Associati’s activity encompasses corporate, project and real estate financing; and the practice has also developed expertise in the consumer credit sector. Carlo Pappalettera specialises in structured finance transactions. Iacopo Canino joined White & Case LLP.

Grimaldi Studio Legale has been acting on debt restructuring and newly originated financings, with project finance and regulatory advice also featuring strongly in the firm’s caseload. The team has a strong sponsor-side practice, but also acts for global and domestic financial institutions. It served as lead counsel to Moby on the renegotiation of all Moby’s existing credit lines and the negotiation of new lines of credit for the acquisition of Tirrenia. Davide Contini and Sergio Sambri are recommended. Gaetano Carrello joined Gattai Minoli & Partners.

Lombardi Molinari e Associati recently advised Corso Vittorio Emanuele, which specialises in acquiring and developing luxury commercial real estate, on obtaining a €210m mortgage loan to acquire real estate assets in Milan. The team also acted on project financing and debt restructuring matters.

Macchi di Cellere Gangemi advised Ammeraal Beltech, a Gamma group company, on the restructuring of a $120m term loan and a €120m revolving credit agreement. Claudio Visco, Silvia Dell’Atti and Pietro Fulvio are the key contacts in Rome, and Claudia Bruscaglioni, Emilio Sani and Alessandro Sergio are the main figures in Milan. Richard Conrad Morabito joined the Rome office from Studio Legale Associato in affiliation with Simmons & Simmons LLP.

Mario Di Giulio leads Pavia e Ansaldo’s structured finance and banking team, which represents primary banks, financial brokers and companies. Leading individual Michele Cicchetti is noted for project finance deals. The team advised Scic, an Italian securitisation company, on transferring a €65m credit portfolio back to INPDAP. Alessandro Accrocca joined from Bonelli Erede Pappalardo.

Studio Legale Riolo Calderaro Crisostomo e Associati’s ‘service is always excellent’. The team advised UniCredit, Mediocredito Italiano and Deutsche Bank on the structuring of a subsidised loan platform created to facilitate access to funding for Italian SMEs that submit innovative projects based on new patents, industrial designs and utility models. Marcello Maienz is noted for structured finance transactions, and Paolo Calderaro and Michele Crisostomo are also recommended.