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White & Case Advises on Diocle S.p.A’s €470 Million High Yield Bond Acquisition Financing and Revolving Credit Facility

Global law firm White & Case LLP has advised BNP Paribas and UniCredit Bank, as Joint Global Coordinators and Joint Bookrunners, and Crédit Agricole CIB, as Joint Bookrunner, on the issuance of €470 million floating rate senior secured notes due 2026 by Diocle S.p.A. to finance its acquisition of DOC Generici, an Italian generics pharmaceutical company.

Diocle S.p.A.is a vehicle created by Intermediate Capital Group (ICG), a global alternative asset manager with over 30 years of history.

The notes were issued on June 27, 2019 pursuant to Rule 144A and Regulation S under the Securities Act and were listed on both the Luxembourg and the Italian Stock Exchanges. The proceeds of the issuance were placed in escrow pending closing of the acquisition, which occurred on July 1, 2019.

White & Case also advised BNP Paribas, UniCredit and Crédit Agricole CIB on a €50 million secured-super senior revolving credit facility entered into by DOC Generici and other members of the group.

The White & Case team that advised on the transaction was led by partner Colin Chang and Raphaël Richard (both Paris), with support from partners Iacopo Canino (Milan), Samir Berlat (Paris) and Jill Concannon (London), and associates Robert Becker, Louise Ruggiero and Stefano Bellani (all Milan), Bettina de Catalogne and Laure Elbaze (both Paris) and lawyer Nicole Paccara (Milan).

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