Ana Grbec

Milbank LLP represented the financing sources in connection with Almaviva S.p.A.’s acquisition of Iteris Inc. (NASDAQ-listed). Milbank advised the initial purchasers in connection with the offering by Almaviva S.p.A.’s of €725 million 5.00% senior secured notes due 2030 and a new revolving credit facility. The proceeds of the offering of the senior secured notes will be used to finance the acquisition of Iteris Inc., redeem all outstanding amounts under Almaviva S.p.A.’ existing 4.875% senior secured notes due 2026, and pay transaction costs and expenses (including redemption premiums and accrued interest) in connection with the offering. Headquartered in Rome, Almaviva is a leading provider of mission-critical IT services in Italy and a leading provider of digital relationship management services in Brazil. Its business consists of three operating divisions organized around three principal areas of activity: IT Services, DRM and Almawave, its innovation and new technologies business. The acquisition of Iteris represents a significant expansion of Almaviva in the US market. The Milbank team was led by European Leveraged Finance/Capital Markets partners Ana Grbec and Alexandra Grant, associates Melanie Probst, Giulia Petragnani Gelosi, Federica Venegoni, Matteo Bonacina, Raiyan Chowdhury and law clerk Luca Mirabile. The team also included New York-based Global Leveraged Finance partner Spencer Pepper and associates Abril Kang, Edward McCartney and Daniel Woods and London Tax associate Freddy Pilkington.

Nov 5

1 min

Milbank LLP has advised the initial purchasers in connection with Sani/Ikos Financial Holdings 1 S.à r.l.’s offering of €350 million 7¼% senior secured notes due 2030 (the “Offering”). The proceeds of the Offering will be used to redeem all outstanding amounts under the Sani/Ikos’ existing 5⅝% senior secured notes due 2026, fund general corporate purposes, and pay transaction costs and expenses in connection with the Offering. Sani/Ikos owns, develops and operates a differentiated portfolio of award-winning and well-invested five-star luxury resorts in prime beachfront locations in the Mediterranean. Founded in 1971, Sani/Ikos has expanded and developed into one of the world’s leading providers of Mediterranean luxury resorts and holiday experiences based on guest satisfaction. Sani/Ikos operates 15 hotels consisting of 12 resorts across Greece and Spain and has 3 hotels under development across Greece, Spain and Portugal. The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Ana Grbec, associates Melanie Probst, Abril Kang and Matteo Bonacina. The team also included New York Tax partner Eschi Rahimi-Laridjani and special counsel Craig Cohen. Global Corporate associates Kate Meils, Madalena de Abreu and trainee George Widdicombe. European Leveraged Finance/Capital Markets associate Manel Mostefaoui also assisted on the matter.

Jul 31

1 min

Milbank LLP has advised Frigoglass Group, a global commercial refrigeration and glass packaging solutions company for the beverage industry, on the sale of its Nigerian Glass Division and its entry into an agreement with noteholders to, among other things, secure a €20 million financing facility and extend maturities of its senior secured notes due 2026. Milbank worked alongside Tetrad Capital Partners on the transaction. Following a competitive process, Frigoglass entered into an agreement to sell the entirety of its shareholding in Frigoinvest Nigeria Holdings B.V., the holding company of its Nigerian Glass Division (including Beta Glass plc and Frigoglass Industries Nigeria Limited), which comprise the Group’s glass container, plastic crates and metal crowns manufacturing activities, to Helios Investment Partners (acting on behalf of the funds it advises) for consideration of up to €100 million. The transaction is expected to complete in the first quarter of 2026. Frigoglass also entered into a transaction support agreement (the “TSA”) with a group of holders (the “Consenting Noteholders”) holding significant majorities in each of its senior secured notes due 2026 with an initial principal amount of €20 million (the “Super Senior Notes”), senior secured notes due 2026 with an initial principal amount of €75 million (the “Senior Secured Notes”) and second lien secured notes due 2028 with an initial principal amount of €150 million (the “Second Lien Notes,” and, together with the Super Senior Notes and the Senior Secured Notes, the “Notes”). Under the terms of the TSA, the Consenting Noteholders have, among other things, consented to implement amendments to (i) extend the maturity dates of the Super Senior Notes and the Senior Secured Notes to March 27, 2028, respectively, (ii) permit the retention of net proceeds from certain asset disposals under the terms of the Notes, and (iii) if necessary, release certain collateral granted in favour of the Notes and for such collateral to be granted in favour of one or more local credit facilities. The Consenting Noteholders further agreed to backstop the issuance of additional Super Senior Notes in an amount of up to €20 million with the first such issuance of €10 million having already taken place to support working capital purposes and the ongoing transformation and growth of the Group’s commercial refrigeration division. The Milbank team included partners Lara Watt, Ana Grbec, Andrej Wolf and Sinjini Saha, special counsel Suzanne Thomson, James Simpson and Melanie Probst, and associates Aoibheann Harkin, Daniel Woods, Patrick Kratzenstein and Karishma Mehan. Partner Andrea Hamilton led on antitrust-related matters and the team was supported by partner Alan Rafferty and associate Jade Du Berry on tax-related matters.

Jan 26

2 min

Milbank LLP represented the initial purchaser in connection with the offering by BE Semiconductor Industries N.V. (“BESI”) of €350 million in aggregate principal amount of 4.500% senior notes due 2031 (the “Notes”). The proceeds of the offering are expected to be used for general corporate purposes, including potential acquisitions. BESI is a Netherlands-based leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries. BESI develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Its customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. The Milbank team was led by Corporate Finance and Securities partners Ana Grbec and Apostolos Gkoutzinis, associates Melanie Probst, Alexia Pimbli and Rishi Ray. The team also included New York Tax partner Eschi Rahimi-Laridjani, with special counsel Craig Cohen and associate Seth Moreida. The team was also assisted by associates Madalena de Abreu and Kate Meils.

Jul 22

1 min

Milbank LLP advised Globalworth Real Estate Investments Limited (“Globalworth”) in connection with its tender offers for its outstanding €307.1 million notes due 2029 and €333.4 million notes due 2030. Globalworth is an AIM-listed company active in Central and Eastern Europe (“CEE”). It has become the preeminent office investor in the CEE real estate market through its market-leading positions both in Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high-quality tenants from around the globe. The Milbank team was led by European Leveraged Finance and Capital Markets partner Ana Grbec, with associates Abril Kang and Matteo Bonacina.

Jul 23

1 min