Italian pharmaceutical firm Neopharmed Gentili has raised €750m (£641m) by means of its debut high-yield providing, which is the biggest refinancing of personal credit score debt with excessive yield bonds in Europe to this point.
The agency issued senior secured mounted and floating excessive yield notes, in addition to coming 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, based on 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 battle again in opposition to 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 this point.
Neopharmed Gentili was suggested by Linklaters on the refinancing. Linklaters’ excessive yield group was led by associate Giacomo Reali, its banking group was led by London companions Chris Medley and Rohan Saha with Milan associate Diego Esposito, and its cross-border tax group was coordinated by associate Roberto Egori.
White & Case additionally acted on the transaction’s capital markets elements, led by companions Michael Immordino and Evgeny Scirto Ostrovskiy, each based mostly in London and Milan.
Learn extra: Banks battle again in opposition to non-public credit score increase as debtors hunt down financial savings
