A&O among lineup of firms advising on €6.6bn Italy telecoms refinancing

A raft of international law firms have won roles on a €6.6bn (£5.5bn) European deal that has seen Italian company Wind Telecomunicazioni secure a new bank loan and issue high-yield bonds.

The deal, reportedly the largest high-yield bond issuance in Europe this year, handed roles to White & Case, Cleary Gottlieb Steen & Hamilton, Allen & Overy (A&O), Latham & Watkins and NautaDutilh.

White & Case advised Wind Telecomunicazioni on the structuring of €3.9bn (£3.3bn) worth of new senior credit facilities and subsidiary company Wind Acquisition Finance on a new €2.7bn (£2.3bn) issuance of high-yield senior secured bonds.

City banking partner Rob Mathews, who heads the firm’s London high-yield team, led the deal for White & Case on the bond issuance, while City finance partner Chris Utting led the team on the new bank facility refinancing.

Cleary also acted for Wind on the bank loan, including advising on general structuring as well as Italian law, with a team led by City finance partner Andrew Shutter.

Benelux firm NautaDutilh also took a role, advising both Wind Telecomunicazioni and Wind Acquisition Finance on Luxembourg aspects of the deal.

Meanwhile, A&O advised the banks on London, Italian and Luxembourg aspects, with a team led by London-based banking partner Stephen Kensell, Milan-based banking partners Paul Flanagan and Stefano Sennhauser, and tax partners Francesco Guelfi and Francesco Bonichi.

Latham’s London office advised the underwriters of the high-yield bonds.

The lead banks on the refinancing were Deutsche Bank and Credit Suisse, with a total of 21 banks involved.

Kensell (pictured) said: “2010 has been the year when confidence started to return to the debt markets, first with high yield and increasingly in the bank market. Putting together a financing package of over €6.5bn is a great achievement for Wind and its banks, and we are very pleased to have been part of it.”