Latham Advises on the Refinancing of Biofarma’s Capital Structure
Latham & Watkins has advised the financiers in a complex transaction involving Biofarma Group, a leading global contract development and manufacturing organization specializing in the development, manufacturing, and packaging of nutraceuticals (comprising food supplements and medical devices) and cosmetics. The transaction spanned the group’s entire capital structure, involved several entities of Biofarma Group, and comprised the refinancing of publicly issued notes, several series of privately placed notes denominated in Euros and US dollars, as well as the group’s existing revolving credit facility. The Latham team advised the pool of banks, led by BNP PARIBAS, on the issuance of €500 million new Senior Secured Floating Rate Notes due 2029 and the entering into a new revolving credit facility for an amount of €135 million. The firm also represented certain private debt funds in the issuance of US$110.6 million privately placed Senior Secured Notes due 2029 by a US-based member of the Biofarma Group, the upsize from €115 million (euro equivalent) to €200 million (euro equivalent) of such funds’ commitment to purchase additional notes of the group, and the redemption of certain existing privately placed notes.
The Latham team was led by partners Jeff Lawlis and Paolo Bernasconi and associate Michele Vangelisti, with associates Carolina Gori and Jenisha Sabaratnam on US capital markets matters. Advice was also provided on Italian finance matters by partners Marcello Bragliani and Antongiulio Scialpi, with associates Simona Di Marcantonio and Alice De Vita; on English finance matters by partner Joydeep Choudhuri, with associates Bie Cookey and Andrew O'Neill; on golden power and regulatory matters by partner Cesare Milani, with associate Edoardo Cassinelli; on US finance matters by partner Abhay Lele, with associates Kristin Tesi and Cynthia Yang; on Italian capital markets matters by partner Antonio Coletti, with associate Marco Bonasso; and on US tax matters by partner Jocelyn Noll, with associate Allison Esquen-Roca.