The team advised Nuova Sorgenia Holding, the vehicle company incorporated by the financial creditors of Sorgenia S.p.A. - leading private operator in Italy in the power and natural gas markets - on the sale of the entire group to the private equity funds F2i and Asterion. We also advised a pool of banks on the negotiation of a €70M revolving loan agreement aimed at supporting the working capital of Sorgenia S.p.A.
Our team was led by partner Ugo Molinari and Margherita Santoiemma, supported by senior associate Francesca Battistutta and associates Sara Comin and Andrea Cecchi for the M&A aspects of the deal; partner Alessandro Fontana took care of all the financing aspects; of counsel Michele Giovannini and senior associate Lorenzo Caruccio handled the administrative law related matters.
Not only did this deal allow for the full repayment of the debt but it also represented a successful case of equity enhancement bringing the long and complex process of Sorgenia’s debt restructuring to an end, which was the first and sizable lenders-led restructuring process in Italy.