Latham & Watkins Advises F.I.S. – Fabbrica Italiana Sintetici on Its €350 Million Sustainability-Linked Senior Secured Notes Offering

Latham & Watkins has advised F.I.S. – Fabbrica Italiana Sintetici S.p.A. (FIS) on its successful issuance of Sustainability-Linked Senior Secured Notes due August 2027, for an aggregate principal amount of €350 million. The notes bear interest at a rate of 5.625% per annum and upon settlement have been listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF market thereof. FIS expects that the proceeds from the offering of the Notes, which are being used, among others, to refinance certain existing indebtedness of the company, will allow it to optimize the group’s capital structure, underpinned also by a €50 million revolving credit facility agreement that FIS has entered into with certain primary financial institutions in connection with the offering. In addition, FIS has adopted a sustainability-linked bond framework, setting reductions in CO2 emission, fresh water consumption, and ratio of waste sent to external disposal. 

The Latham & Watkins team was led by Milan partner Jeff Lawlis with associates Giorgio Ignazzi and Michele Vangelisti in respect of US law matters, and by Milan partners Marcello Bragliani and Alessia De Coppi with associate Davide Camasi with respect to Italian finance law matters. Advice was also provided on UK finance law matters by London partner Fergus O’Domhnail with associate Khayam Amin, US tax matters by New York partner Jocelyn Noll, regulatory matters by Milan counsel Cesare Milani with associate Edoardo Cassinelli, and general Italian law matters by Milan partner Antonio Coletti with associates Marco Bonasso and Martina Ferraris. 

Houlihan Lokey and Zulli Tabanelli e Associati acted as financial advisers to FIS.