‘Italian FRN’ workaround appears in levfin
- Owen Sanderson
Leveraged finance in Italy can be a painful process, thanks to a combination of legal and tax issues that force borrowers to use bond markets, instead of loans, to fund buyouts. Now a possible solution has come a step nearer.
Allen & Overy said it had advised on the first use of UniCredit’s Agora securitisation vehicle for a leveraged finance transaction, which “involves both the refinancing of existing debt and the granting of new finance… by leading private credit funds in the context of a pool of financing entities that includes UniCredit”.