Global law firm White & Case LLP has advised Credit Suisse Securities (Europe) Limited, Deutsche Bank AG, London Branch and Barclays Bank PLC on Banca Carige's €560 million capital increase and Credit Suisse Securities (Europe) Limited and Deutsche Bank AG, London Branch on the related €510 million liability management exercise.
The capital increase of Banca Carige is the first transaction in Italy applying the rules for "hyper dilutive" capital increases whereby investors may exercise their rights and receive shares immediately, rather than waiting until the end of the subscription period.
The liability management exercise comprised an innovative combination of an exchange offer and consent solicitation and enabled the bank's subordinated bond holders to receive either senior bonds or a cash amount.
The White & Case team which advised on the capital increase was led by partners Michael Immordino (London and Milan) and Ferigo Foscari (Milan) together with associates Piero de Mattia, Robert Becker, Alessandro Picchi, Angelo Messore, Bart Galvin and lawyers Charles English and Marco Sportelli (all Milan). The White & Case team which advised on the liability management exercise was led by partners Ferigo Foscari (Milan), Richard Pogrel (London) and local partner Paul Alexander (Milan) together with associates Angelo Messore, Davide Diverio (both Milan), Neha Saran (London) and lawyers Charles English and Marco Sportelli (both Milan).
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