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Latham Advises on Hippocrates Holding’s €900 Million Debt Financing

December 16, 2022
Cross-border team advises on one of the largest debt raises by an Italian private issuer in 2022.

Latham & Watkins has advised a pool of 15 lenders in connection with a debt financing package of over €900 million raised by Hippocrates Holding (Hippocrates), Italy's first and largest independent proximity healthcare platform with a network of more than 300 pharmacies. The deal is a market-first for large cap social infrastructure in Italy and is one of the largest debt raises by an Italian private issuer in 2022.

The pool of 15 lenders consists of historic Italian relationship banks, international infrastructure lenders and large infrastructure debt funds. In addition to refinancing the existing credit lines to simplify operations, the agreement provides over €420 million of funding to support growth. Part of the new financing package secured will also fund the construction of a new centralised logistics warehouse, which will bring significant operational efficiencies to Hippocrates’s growing network of pharmacies.

The Latham team was led by London finance partners Seonaid Todisco and Conrad Andersen with London finance associate Chuan Foo, and Milan finance partners Marcello Bragliani and Antongiulio Scialpi with Milan finance associate Nicola Nocerino. Advice was provided on debt capital markets matters by Milan associate Marco Bonasso; on tax matters by Aoife McCabe; and on derivatives matters by Delyth Hughes.