Latham & Watkins Advises the Initial Purchasers and Mandate Lead Arrangers in connection with Moby’s HY Issuance and Refinancing

Transaction represents the first new Italian issuer to successfully close a high yield bond since 2014.

February 29, 2016

Onorato Armatori S.p.A, the parent company of the Moby group, a leader in the Italian maritime transportation sector, has issued nonconvertible senior secured notes for an aggregate principal amount of €300 million due 2023. In addition, in connection with the transaction, Onorato Armatori and its subsidiaries Moby S.p.A. and Compagnia Italiana di Navigazione S.p.A entered into a €260 million pari passu secured term loan and revolving credit facility.

Onorato Armatori will use the proceeds from the notes and the term loan to refinance certain indebtedness of the group, including indebtedness of each of Moby S.p.A. and Compagnia Italiana di Navigazione S.p.A.

Latham advised the Initial Purchasers (Goldman Sachs International, J.P. Morgan Securities plc, UniCredit Bank AG, Jefferies International Limited, Banca Akros S.p.A., Banca IMI S.p.A) and Mandate Lead Arrangers (J.P. Morgan Limited, Goldman Sachs International, UniCredit S.p.A.) on the transaction with a cross-border team led by Milan corporate partners Jeff Lawlis and Antonio Coletti, with counsel Ryan Benedict. Advice was provided on UK finance matters by London partner Mohamed Nurmohamed and on US finance matters by Milan associate Joseph Nance. Antitrust advice was provided by Brussels partners Luca Crocco and Javier Ruiz-Calzado, with Milan counsel Isabella Porchia and Hamburg counsel Jana Dammann.

Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.