White & Case advises on record-breaking €7.58 billion (equivalent) financing for take-private acquisition of Recordati by consortium led by CVC Capital Partners

Global law firm White & Case LLP  has advised the initial purchasers and lenders on a €7.58 billion (equivalent) senior secured and PIK financing package supporting the take-private acquisition of Italian pharmaceutical group Recordati by a consortium led by CVC Capital Partners.

The transaction represents the largest leveraged buyout announced in Europe since the start of 2026. The senior secured notes offering is the largest-ever bond financing for a single "B" issuer in Europe, the largest-ever high yield bond-only leveraged buyout financing in Europe and the largest-ever high yield bond offering by an EMEA healthcare issuer.

White & Case advised a consortium of 24 banks, as initial purchasers, on Respighi HoldCo's €6.05 billion (equivalent) multicurrency senior secured notes offering. The offering comprised €4.450 billion fixed and floating rate senior secured notes across three tranches and US$1.790 billion fixed rate senior secured notes across two tranches, with maturities in 2031 and 2033. White & Case has also advised the underwriters and a club of private credit funds on a substantial multi-tiered senior secured and junior financing package.

Headquartered in Milan, Italy, Recordati employs more than 4,700 people and operates globally. The company develops and commercializes pharmaceuticals across a range of therapeutic areas through proprietary products and licensing arrangements, including a specialized business dedicated to treatments for rare diseases.

The White & Case Capital Markets team was led by partners Michael Immordino (London and Milan), James Greene (London) and Evgeny Scirtò Ostrovskiy (London and Milan), and included associate [SH1.1][ST1.2]Pietro Bancalari (London and Milan) and trainee lawyers Stefano Cultrera and Francesca Muraca (both in Milan).

The White & Case Finance team that advised the lenders on the senior secured bridge facilities and related bank facilities was led by partners Gareth Eagles and Lauren Winter (both in London) and Stefano Bellani (Milan), and included associates Mark Oslizlok (London), Nicola Tosin and Clara Busin (both in Milan), Jere Agbaje and Heeral Sahajwalla (both in London).

The White & Case team that advised the financing providers on the PIK financing was led by partners Anthony Tama and Emma Foster (both in London), and Luca Maffia (Milan), and included associates Jack Elliott (New York), Valentina Calò (Milan), Oliver Taylor and Bridget Alexander (both in London).

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