Italian pharmaceutical firm Neopharmed Gentili has raised €750m (£641m) by means of its debut high-yield providing, which is the most important refinancing of personal credit score debt with excessive yield bonds in Europe so far.
The agency issued senior secured fastened and floating excessive yield notes, in addition to getting into into a brand new €130m revolving credit score facility.
The issuance refinanced a unitranche that supported Neopharmed’s 2022 buyout by funding agency NB Renaissance, in accordance with PitchBook. Present backer Ardian retains a stake within the enterprise.
Learn extra: Non-public debt buyers anticipate rise in dealmaking and fundraising
The deal was backed by an roughly €700m unitranche supplied by CVC Credit score, GSAM, Arcmont and Macquarie, PitchBook mentioned.
There was a rise in non-public debt refinancings this 12 months, as public markets combat again towards competitors from non-public credit score fund managers.
A PitchBook report yesterday revealed that debtors are returning to the broadly syndicated mortgage (BSL) marketplace for higher pricing.
And final week, Moody’s revealed that greater than $11bn (£8.7bn) value of personal credit score offers had been refinanced to the BSL market this 12 months to date.
Neopharmed Gentili was suggested by Linklaters on the refinancing. Linklaters’ excessive yield crew was led by accomplice Giacomo Reali, its banking crew was led by London companions Chris Medley and Rohan Saha with Milan accomplice Diego Esposito, and its cross-border tax crew was coordinated by accomplice Roberto Egori.
White & Case additionally acted on the transaction’s capital markets elements, led by companions Michael Immordino and Evgeny Scirto Ostrovskiy, each primarily based in London and Milan.
Learn extra: Banks combat again towards non-public credit score growth as debtors search out financial savings
