Mr. Benedict received excellent feedback from clients, who praise his "proactive and client-focused approach.”Chambers Europe 2018

M. Ryan Benedict

Milan | London
  • Corso Matteotti, 22
  • 20121 Milan
  • Italy
 
 

Ryan Benedict is a partner in the London and Milan offices of Latham & Watkins. His practice focuses on capital markets, corporate finance, securities regulation, and company representation, with an emphasis on clients and transactions in Italy, Spain and southern and eastern Europe.

Mr. Benedict has considerable experience representing issuers and underwriters in both debt and equity capital markets transactions, tender offers, and liability management transactions. Mr. Benedict is particularly well placed to assist Italian and Spanish issuers with the preparation and execution of their international securities transactions.

Prior to his arrival in Europe in 2007, Mr. Benedict worked in New York, where his practice focused on corporate and structured finance, derivatives, domestic and international mergers and acquisitions, and international corporate law.

Mr. Benedict's representative transactions include advising:

Debt Capital Markets

  • Goldman Sachs in connection with a high-yield offering (Rule 144A/Reg. S) by AS Roma Football Club of €275 million aggregate principal amount of 5.125% Senior Secured Notes due 2024
  • Eni S.p.A. in the issuance on the US market of a:
    - Fixed-rate bond with a 10-year maturity for a total principal amount of US$1 billion.
    - Dual tranche fixed-rate bond with maturities of 5 and 10 years for a total principal amount of US$2 billion. 
    Both transactions apply the innovative Acupay System structure to accommodate tranches of securities from Italian issuers in US dollars offered and sold both inside and outside the US
  • Unicredit S.p.A. in the issuance on the US market of:
    − US$3 billion Senior Non-Preferred Notes due 2023 as part of its US global Medium Term Note Program
    − US$1.25 billion 3.750% Notes due 2022 and US$750 million 4.625% Notes due 2027, for an aggregate value of US$2 billion. The Notes represent the inaugural transaction under the newly established US$30 billion global MTN Program.     
    − A US$1 billion Tier 2 instrument with an innovative callable structure. The Notes represent the first subordinated transaction under the newly established US$30 billion global MTN Program. The Program implements the Acupay tax compliance structure which, for the first time, was modified to allow sales in accordance with both 144A and Reg S and clearing through both DTC and Euroclear/ Clearstream.
  • The Joint Bookrunners in the high-yield issuance of €225 million Floating Rate Notes due 2023 listed on the Luxemburg Stock Exchange by Gamenet Group S.p.A.. The proceeds of the issuance were used to finance the acquisition of 100% of GoldBet S.r.l.
  • The Initial Purchasers, in the high-yield issuance of €7.3 billion (equivalent) Senior Secured Notes, in a combination of euro-denominated Fixed and Floating Rate Notes and dollar-denominated Fixed and Floating Rate Notes by Wind Tre S.p.A., a company created through the JV between Wind Telecomunicazioni and 3 Italia by CK Hutchison. The issuance was the biggest Euro denominated transaction by a single issuer as well as the third high yield issuance globally in terms of deal value in 2017.   
  • Gruppo Pro-Gest, in the issuance of a €250 million 3.25% bond due 2024.   
  • Marcolin S.p.A. in the issuance of €250 million Senior Secured Floating Rate Notes due 2023.
  • Snai S.p.A. in the issuance of €570 million 6.375% Fixed Rate Senior Secured Notes and Floating Rate Senior Secured Notes due 2021.   

Equity Capital Markets

  • The Joint Global Coordinators and the Joint Bookrunners in connection with the €2 billion (plus up to €302 million greenshoe) initial public offering of leading Italian paytech company, Nexi S.p.A., on Borsa ItalianaPiovan S.p.A. in connection with its €156 million global initial public offering listed on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.
  • Solarpack in connection with its €100 million initial public offering on the Barcelona, Bilbao, Madrid, and Valencia Stock Exchanges (Spanish Stock Exchanges).
  • Piovan S.p.A. in connection with its €156 million global initial public offering listed on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.
  • The Joint Global Coordinators in connection with the creation of SPAXS, the first Italian SPAC, promoted by Corrado Passera and Andrea Clamer, to manage a vehicle operating in the banking and financial industry, which is going to be listed on AIM Italia. Spaxs is the first SPAC in Italy with a specific focus on the financial sector and it aims at financing Italian SMEs as well as entering the Italian NPL market.
  • The Joint Global Coordinators and Joint Bookrunners in connection with the initial public offering of ordinary shares of Gamenet Group S.p.A. on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.
  • Unieuro S.p.A., an Italian consumer electronics retail chain, in connection with its initial public offering listed on the STAR segment of the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.
  • OVS S.p.A., a leading Italian apparel, household items, fragrances, and toys retailer, in its €414 million initial public offering listed on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.
  • The Joint Global Coordinators and the Joint Bookrunners in connection with Fincantieri’s €351 million initial public offering listed on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.. This is the first IPO by a state-owned company.
  • Moncler S.p.A., the Italian designer of luxury winter jackets, in connection with its €681.3 million initial public offering (Rule 144A/Reg. S) listed on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.
  • J.P. Morgan and BNP Paribas in a series of debt offerings and liability management transactions as well as an SEC-registered offering of rights for share warrants and pay-in-kind notes involving Central European Media Enterprise (CME), including issuances of €104 million of 11.625% Senior Notes due 2016 by CME, €70 million 9.0% Senior Secured notes due 2017 by CET 21, a subsidiary of CME, and tender offers for, and consent solicitations and repurchases by, CME of certain of its existing convertible and high-yield bonds.
  • Salvatore Ferragamo S.p.A., in connection with its €378.9 million global initial public offering (Rule 144A/Reg. S) listed on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A.
  • The Joint Global Coordinators, J.P. Morgan, Banca IMI, and Mediobanca, in connection with the €8 billion capital increase and rights offering by Enel S.p.A.

Tender Offers and Liability Management

  • Atlantia S.p.A. in the partial tender (modified Dutch Auction, Reg. S only) for €532 million of its outstanding Eurobonds due 2014, listed on the Luxembourg Stock Exchange.
  • Gruppo Editoriale L’Espresso S.p.A. in connection with the partial tender (modified Dutch Auction, Reg S only) for €28.8 million of its outstanding Eurobonds due 2014, listed on the Luxembourg Stock Exchange.
  • Nomura International Plc as financial advisor to Unifind S.p.A. in the Tier II tender offer extended into the United States for up to €20.4 million in shares of Gewiss S.p.A., a manufacturer of systems and components for low voltage electrical installations formerly listed on the Italian Stock Exchange.
 
 
 
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