Linklaters Advises Pool of Banks on Fassi's €450m Debut High-Yield Notes and New Revolving Credit Facility
A cross-border Linklaters team in London and Milan has advised the pool of banks on Fassi's debut offering of senior secured floating rate notes totalling €450m, alongside entry into a new revolving credit facility. Fassi is a portfolio company of private equity firm Investindustrial. The high yield team was led by partner Giacomo Reali and included US associates Kimberly Martin and Francesca Sebastiani. London partner Angus Graham advised on banking law matters, supported by Milan counsel Marco Carrieri. Luxembourg teams also provided banking law advice.
Why this matters
A debut high-yield offering signals Fassi's first access to the broadly syndicated leveraged finance market, typically a significant step in a PE-backed company's capital structure evolution. The cross-border structure, spanning London, Milan, and Luxembourg, reflects the complexity of European leveraged finance transactions under Investindustrial's ownership. With gilt yields at multi-decade highs and credit markets under pressure, pricing a new €450m floating-rate deal carries real execution risk, making the banks' decision to proceed noteworthy.
On the Ground
This deal activates leveraged finance, high yield capital markets, and banking law practice groups. Trainee tasks would include reviewing the indenture and RCF term sheet, running conditions precedent checklists, and coordinating execution across multiple jurisdictions. No further adviser details are sourced beyond Linklaters acting for the banks.
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