‘Italian FRN’ workaround appears in levfin


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‘Italian FRN’ workaround appears in levfin

Owen Sanderson's avatar
  1. Owen Sanderson
3 min read

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”.

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