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News Dec 14, 2017

Pro-Gest’s €250 Million Inaugural High Yield Bond Offering

Shearman & Sterling advised Credit Suisse as sole global coordinator on Pro-Gest S.p.A.’s €250 million inaugural high yield bond offering. Pro-Gest expects to use the proceeds of the offering to repay certain outstanding indebtedness and for general corporate purposes, including the prefunding of capital expenditures.

Pro-Gest is a leading family-owned Italian vertically integrated producer and supplier of recycled containerboard, corrugated board and corrugated packaging products with 19 manufacturing facilities.

The Shearman & Sterling team was led by partners Apostolos Gkoutzinis (London–Capital Markets), Tobia Croff (Milan–Capital Markets) and Marwa Elborai (London–Capital Markets), and included counsel Tommaso Tosi (Milan–Capital Markets), associates Ana Stefanovic Grbec, Steven Holm, Fabio Pazzini (all London–Capital Markets) and trainee Eliana Cioffi (Rome–Mergers and Acquisitions). Counsel Paolisa Nebbia (Rome–Antitrust) advised on the Italian and EU competition law aspects of the transaction and partner Valerio Fontanesi and associates Gaetano Petroni and Andrea Giaretta (all Milan-Finance) advised on finance aspects of the transaction. Partner Kristen Garry and associates Eric Grosshandler and Daniel Kachmar (all Washington, DC-Tax) advised on U.S. tax aspects of the transaction.