Sidley Austin Brown & Wood (Graham Penn, Partha Pal) represented Morgan Stanley on the first synthetic securitisation in the ELoC series, a commercial mortgage-backed securitisation programme arranged by the bank. Five loans were transfered secured by mortgages on Italian commercial real estate to Banca Intesa, which then entered into a credit swap transaction with issuer Nereus. Chiomenti Studio Legale (Giorgio Capelli, Paola Meloni) also acted for Morgan Stanley. Banca Intesa was advised by Linklaters (Tess Weil) and Bonelli Erede Pappalardo (Alberto Del Din, Lorenza Talpo). A&L Goodbody (Seamus O’Croinin, Kevin Doherty) represented Nereus.
Allen & Overy (Andrea Arosio) advised Mediobanca and Banca Intesa on a e200m (£135.9m) financing for the leveraged buyout of gas transmission group Edison T&S by Clessidra Capital Partners. The deal, completed in less than two weeks and including both senior and junior debt, is the first transaction for Clessidra. Cleary Gottlieb Steen & Hamilton represented Edison. Clessidra retained Studio Legale Pavesi Gitti Verzoni and Chiomenti Studio Legale.
Pinsents (Gareth Edwards) acted for AIM-listed Capital Management and Investment (CMI) on investing a e50m (£34m) stake in French-listed Algeco through newly-incorporated Ristretto Holdings. CMI will hold 28 per cent in the entity, with the remaining shares owned by private equity firm TDR Capital. Ristretto will acquire 66.98 per cent of Algeco from TUI Beteiligungs for e478m (£324.8m) with Royal Bank of Scotland (RBS) providing debt finance. TDR was advised by Gide Loyrette Nouel. RBS retained Allen & Overy.
Ashurst (Michael Logie, Laurent Mabilat, Andreas Zahn, Klaus Herkenroth, Siân Withey, Gonzalo Fernandez) represented co-arrangers NIB Capital Bank and UBS on the e413.5m (£281m) North Westerly II CLO BV collateralised debt obligation. Ashurst also acted for NIB in relation to the collateral manager on load due diligence and the trustee. McKee Nelson acted for the arrangers on US law, while Clifford Chance provided Dutch legal advice. White & Case was special counsel to UBS.