Andrea Novarese

Debt Finance

Italia Trasporto Aereo's US$80 million financing, 2024
Andrea advised Italia Trasporto Aereo S.p.A., wholly owned by the Italian Ministry of Economy and Finance, in connection with the issuance of US$80 million secured notes due 2034 by its newly-established Irish special purpose vehicle to refinance the acquisition of an Airbus A330neo aircraft.

Servizi Italia's voluntary tender offer financing, 2023
Andrea advised Banco BPM S.p.A., as agent and lender, in connection with the negotiation and execution of a credit agreement related to the financing of Cometa S.r.l.'s voluntary tender offer for all the ordinary shares in Servizi Italia S.p.A., a company listed in the STAR segment of the Italian Stock Exchange and is active in the hospital services outsourcing market.

Italo's 1.4 billion financing, 2023
Andrea advised a pool of banks in connection with a €1.4 billion green loan financing granted to Italo – Nuovo Trasporto Viaggiatori.

Autogrill's €700 million financing, 2023
Andrea advised Autogrill in connection with a €700 million intra-group revolving financing to reimburse €1 billion existing banking facilities.

Atlantia's €1.5 billion financing, 2022
Andrea advised Atlantia S.p.A. in connection with a €1.5 billion financing which includes an option to convert into a sustainability-linked credit facility.

Enel's €10 billion sustainability linked financing, 2022
Andrea advised Atlantia S.p.A. in connection with a €1.5 billion financing which includes an option to convert into a sustainability-linked credit facility.

Aeroporti di Roma's €350 million sustainability linked revolving financing, 2022
Andrea advised a pool of banks including Banca Nazionale del Lavoro S.p.A., Banco BPM S.p.A., Barclays Bank Ireland PLC, BNP Paribas, Italian Branch, Crédit Agricole Corporate and Investment Bank Milan Branch, Intesa Sanpaolo S.p.A., Mediobanca - Banca di Credito Finanziario S.p.A., Natixis S.A. Milan Branch and Société Générale Milan Branch in connection with a €350 million revolving sustainability-linked facility agreement granted to Aeroporti di Roma S.p.A.

Edizione's €1 billion term and revolving financing, 2022
Andrea advised Edizione S.p.A., one of Europe's largest conglomerates, in connection with a €1 billion term and revolving facilities agreement with a pool of Italian and international lenders including Mediobanca, Intesa Sanpaolo, Société Generale, Banco BPM, Caixa, BNL, BNP Paribas, Banco Santander and UniCredit.

Autostrade per l'Italia's €750 million sustainability-linked revolving financing, 2021
Andrea advised a pool of banks including Intesa Sanpaolo, BNP Paribas, BNL, UniCredit, Banco BPM and Natixis on a five-year €750 million revolving credit facility granted to Autostrade per l'Italia S.p.A. The loan aims to strengthen the company's financial structure and includes an option to convert into a sustainability-linked revolving credit facility following the publication of Autostrade per l'Italia's first sustainability report, expected by June 2021.

Enel's €10 billion sustainability linked revolving financing, 2021
Andrea advised Enel S.p.A. and its subsidiary Enel Finance International N.V., in connection with its €10 billion sustainability linked revolving credit facility. This deal represents the largest sustainability linked financing globally.

Cerved Group's €713 million financing, 2020
Andrea advised Cerved Group S.p.A., a leading provider of credit risk analysis and the first independent market player in credit management in Italy, in connection with a €713 million term and revolving financing granted by a pool of banks.

An Italian holding company's €750 million financing, 2020
Andrea advised an Italian holding company in connection with a €750 million term and revolving financing made available by Intesa Sanpaolo S.p.A., Banca IMI S.p.A., UniCredit S.p.A., BNP Paribas, Italian Branch and Caixa Bank S.A.

Autogrill's €300 million SACE guaranteed financing, 2020
Andrea advised Autogrill, the world's leading provider of food & beverage services for travelers, in connection with a €300 million term financing guaranteed by SACE S.p.A. under Article 1 of the Italian Liquidity Decree.

Italo – Nuovo Trasporto Viaggiatori's €1.1 billion financing, 2019
Andrea advised a pool of banks in connection with the €1.1 billion financing granted to Italian railway operator Italo – Nuovo Trasporto Viaggiatori.

Atlantia's €16.5 billion financing, 2018
Andrea advised a consortium of 24 banks in connection with Atlantia S.p.A. financing in relation to the €16.5 billion public tender offer on Abertis S.A.*

Qatar Investment Authority and Glencore's €5.2 billion acquisition financing, 2018
Andrea advised Intesa Sanpaolo, as sole underwriter, in connection with the €5.2 billion facility provided to a consortium consisting of Qatar Investment Authority and Glencore for the purposes of its acquisition of a 19.5 percent stake in Rosneft, the world's largest publicly traded petroleum company.*

Financial Restructuring and Insolvency

Dema Group's restructuring, 2024
Andrea advised Design Manufacturing S.p.A., Dema Apulia Region S.r.l. and C.A.M. S.r.l. (the Dema Group) in connection with the structuring and filing of an agreement with creditors (concordato preventivo) on a going concern basis, which received approval from the Court of Naples on February 21, 2024 as a result of the court's positive assessment of the conditions for the cross-class cram down.

Eldor's restructuring, 2023
Andrea advised pool of banks on the rescheduling of the indebtedness of the group headed by Eldor Corporation S.p.A., a leading Italian company in the automotive sector. As part of the transaction, Eldor Corporation S.p.A. signed a debt rescheduling agreement with its creditors that will allow the company to gradually repay its existing debt, rebalance its economic and financial situation, and support its operational needs.

Gorillas Technologies' restructuring, 2022
Andrea advised Gorillas Technologies Holding B.V., a holding company active in the grocery delivery business, in connection with the financial and corporate restructuring of its subsidiary Gorillas Technologies Italy.

Fondo Priula's restructuring, 2022
Andrea advised Fondo Priula, real estate fund established and managed by Castello SGR S.p.A., a leading real estate asset management company specialising in alternative investments promotion and management, in connection with its debt reorganisation and refinancing. The transaction included the rescheduling of ten loan agreements, nine of which were mortgages, in order to implement a new divestment plan involving 22 real estate.

Compagnia Internazionale Tessuti's corporate reorganization, 2022
Andrea advised Compagnia Internazionale Tessuti S.p.A. in connection with the reorganization of its corporate structure and the restructuring of its indebtedness for the purpose of overcoming its situation of financial distress. The corporate reorganization of Compagnia Internazionale Tessuti S.p.A. entails, among others, the lease to a wholly owned SPV of a branch of the Client's business.

Hertz's restructuring, 2021
Andrea advised Hertz Global Holdings Inc. in connection with its successful financial restructuring after the rental car company filed for chapter 11 protection in May 2020 in response to the impact of the COVID-19 pandemic on its business. Under the Hertz reorganization plan, new investors have provided about US$5.9 billion of new equity capital and the company has raised about US$2.8 billion of new corporate financing on favorable terms, including an undrawn US$1.25 billion revolver, and successfully placed US$7 billion of new ABS financing with an all-in yield of less than 2%.

D'Alesio Group's restructuring, 2021
Andrea advised D'Alesio Group in connection with the restructuring and refinancing of its financial indebtedness.

Sirti's €700 million restructuring, 2021
Andrea advised Intesa Sanpaolo S.p.A. and the other financial creditors in connection with the €700 million restructuring of Sirti S.p.A., a company specialized in the design, construction and maintenance of large telecommunication networks.

Gemmo's restructuring, 2020
Andrea advised Gemmo S.p.A. in connection with the restructuring and refinancing of its financial indebtedness.

Biancamano's restructuring, 2020
Andrea advised a pool of banks in connection with the restructuring of Biancamano S.p.A., a company listed on the Italian Stock Exchange operating in the environmental hygiene sector and the pre insolvency agreement entered into by its wholly owned subsidiary Aimeri Ambiente S.r.l. and the related acquisition by the banks of €200 million of quasi-equity instruments issued by Biancamano S.p.A.

Messina Group's restructuring, 2020
Andrea advised a pool of banks in connection with the financial restructuring of the Messina Group, a historic Italian shipping group based in Genoa and specialized in international shipping services.

Project Italia, 2019
Andrea is advising Intesa Sanpaolo S.p.A. in connection with a €6 billion project launched by Italian listed company Salini Impregilo S.p.A. aimed at strengthening the Italian sector of public works and construction, as a result of which, inter alia, Salini Impregilo S.p.A. will acquire a majority stake in Astaldi S.p.A., another Italian listed in the context of its arrangement with creditors (concordato preventivo).

Maschio Gaspardo's restructuring, 2019
Andrea advised a consortium of 21 major Italian banks in connection with the €140 million debt restructuring of Maschio Gaspardo S.p.A., a leading Italian company in the production of agricultural equipment.

Sorgenia's €1.8 billion restructuring, 2016
Andrea advised Sorgenia in connection with its €1.8 billion restructuring.*

Mergers & Acquisitions

Amplifon's corporate reorganization, 2021
Andrea advised Amplifon S.p.A., the world's leading hearing aid retailer, in connection with the reorganization of its corporate structure. The reorganization separates Amplifon's operating activities in Italy from its management activities, which will be carried out by the listed parent company.

Alisarda's business combination with Qatar Airways, 2017
Andrea advised Alisarda S.p.A. in connection with the business combination with Qatar Airways.*

ChemChina's €7.1 billion acquisition of Pirelli, 2015
Andrea advised a pool of international banks in connection with the €7.1 billion acquisition of Pirelli by ChemChina.*

*Prior to joining White & Case