Global law firm White & Case LLP has advised Pitagora S.p.A., as originator, and Banca IMI S.p.A., as arranger, on the restructuring of a receivables securitization.
The receivables were originated by Pitagora and consist of the assignment of up to one fifth of the borrowers' salaries, pensions, or payment delegations. The restructuring was carried out through the issuance of a €670 million unitranche note by the special purpose vehicle Geordie SPV, which replaced the two classes of senior and junior notes Geordie SPV had previously issued.
The White & Case team which advised on the transaction comprised partners Gianluca Fanti and Giuseppe Barra Caracciolo, associates Riccardo Verzeletti and Rocco De Nicola and lawyer Ioana Gaga (all Milan).
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