A&O Shearman advises on UniCredit’s EUR1.8 billion bonds subscribed by CDP

A&O Shearman advised Cassa Depositi e Prestiti (CDP) on the subscription of two senior preferred unsecured bonds, with an aggregate amount of EUR1.8 billion, issued by UniCredit.

The purpose of the transaction is to facilitate access to credit of smaller Italian enterprises, supporting their growth and competitiveness both in Italy and abroad, with particular attention to the regions of Southern Italy.

UniCredit has undertaken to allocate:

• at least 51% to small and medium-sized enterprises operating throughout Italy;
• at least 51% to companies with their registered office and/or operational headquarters in one of the eight Southern Italian regions: Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sardinia, and Sicily. 

In addition, at least 10% of the second bond issuance will be allocated to the financing of “Green Buildings”, namely projects that contribute to reducing energy consumption and/or increasing the energy efficiency of public, commercial, residential and recreational buildings, based on predetermined criteria.

The transaction involved a team led by partner Alessandra Pala, assisted by trainee Antonio Iuliano and a team led by partner Cristiano Tommasi, with the support of senior associate Elisabetta Rapisarda and associate Lisa Avitabile. 

Alessandra Pala, partner, commented: “We are proud to have advised on a transaction that confirms the role of bond financing as an effective tool to support access to credit, the competitiveness of Italian businesses and the development of Southern Italy. Our contribution reflects our ability to support leading financial institutions through an integrated approach and deep knowledge of the relevant regulatory framework.”