Shearman & Sterling acted as legal advisor to Nuovo Trasporto Viaggiatori S.p.A. (“NTV”) in connection with NTV’s Rule 144A and Regulation S €550 million senior secured high yield bond offering. NTV also entered into a new credit facilities agreement for an aggregate amount of €160 million split between a term loan and a revolving credit facility, and secured on a pari passu basis by the same collateral securing the notes. NTV is the first private high-speed operator in the European passenger rail industry, operating in Italy under the “Italo” brand.
The Shearman & Sterling team handling the bond offering included partners Tobia Croff (Milan-Capital Markets) and Jacques McChesney (London-Capital Markets), and counsel Tommaso Tosi (Milan-Capital Markets), assisted by associates Camilla Zanetti (Rome-Capital Markets) and Carmelo Contente (Rome-Mergers & Acquisition), and trainee Greta Dell’Anna (Rome-Mergers & Acquisition). Partner Korey Fevzi (London-Finance Group), counsel Jackson Lam (London-Finance Group) and associates Sara Couling (London-Finance Group), Anna Shelton (London-Finance Group), and Maria Iorno (Frankfurt-Finance Group) assisted with regard to the English law aspects of the loan transaction. Partner Kristen Garry (Washington DC-Tax) and associate Adam Sternberg (New York-Tax) covered the US tax aspects of the transaction.