Iacopo Canino

Partner, Milan

Biography

“He is very proficient in loan restructuring, high-yield bonds and security packages”. “He was practical, rational and logical; working with him was very smooth” Chambers & Partners Global
“An absolutely fantastic lawyer” IFLR1000

Overview

Iacopo Canino is an Italian qualified lawyer with more than 20 years' experience. He focuses his activity in the area of leveraged finance where he is capable of assisting clients with a wide range of products including banking, high yield and private debt financings. He is also active in debt restructuring and special situations and has advised on a broad range of financing, debt restructuring and M&A transactions in the Italian and European market. 

Debt Finance

Iacopo is widely recognized as a leading finance lawyer by legal benchmark publications having worked on a large number of the top financing transactions in the Italian market over the past decade, understanding the changing needs of clients and supporting them through the global financial downturn and being equally at home in the large-cap and mid-market spaces. Iacopo developed a specific and thorough expertise in Private Credit & Direct Lending having been at the forefront of this fast growing market since its start in Italy. He advised investors in a range of situations including unitranche, senior, mezzanine and PIK financings in both performing and distressed situations.

Iacopo is ranked amongst the leading lawyers in Banking & Finance by Chambers Global 2021 and The Legal 500 2021. He's also recommended in Restructuring & Insolvency by The Legal 500 2021. In Chambers is described as "practical, rational and logical" and sources say that "working with him was very smooth". Iacopo is also recognized as a highly regarded lawyer in Banking & Finance and Financial restructuring by IFLR1000 2021.

Capital markets

Iacopo is one of the very few Italian banking attorneys with specific knowledge and experience in the high yield space. In Chambers 2015 is described as "practical, rational and logical" and sources say that "working with him was very smooth" According to Chambers 2016 clients assert: "He is very proficient in loan restructuring, high-yield bonds and security packages." Iacopo is recognized as a highly regarded lawyer in DCM by IFLR1000 2020.

Corporate M&A and private equity

Iacopo is highly active in the areas of general corporate and commercial law and is very highly regarded for his experience in the areas of M&A. He has advised on a broad range of M&A transactions in the Italian market with particular focus on private equity. 

Bars and Courts
Italian Bar
Education
JD
University of Pavia
Italy
Languages
Italian
English

Experience

Bank Lending

Antares Vision's €100 million bridge financing for the acquisition of rfXcel, 2021
Iacopo advised Mediobanca - Banca di Credito Finanziario S.p.A. in connection with a €100 million bridge facility agreement entered into by Antares Vision S.p.A. to finance the acquisition of rfXcel Corporation.

Clessidra SGR's €160 million financing for the acquisition of Casa Vinicola Botter, 2021
Iacopo advised a pool of banks in connection with the €160 million senior term and revolving credit facility entered into by the private equity fund Clessidra SGR to finance the acquisition of Casa Vinicola Botter S.p.A.

JP Morgan's €1.7 billion financing of ASTM's VTO, 2021
Iacopo advised JP Morgan in connection with the financing of the voluntary tender offer for all the ordinary shares of ASTM S.p.A. for a total value of approximately €1.7 billion. The aim of the takeover bid is the delisting of ASTM S.p.A.

Caffé Borbone's €102.5 million financing for the acquisition of L'Aromatika, 2018
Iacopo advised UniCredit S.p.A., as global coordinator, mandated lead arranger, boookrunner, agent and lender, and Intesa Sanpaolo S.p.A., as mandated lead arranger, bookrunner and lender, in connection with a €102.5 million senior facilities agreement granted to Caffé Borbone S.p.A. for the acquisition of L'Aromatika S.p.A.

CVC's financing for the acquisition of Pasubio, 2017
Iacopo advised a pool of banks in connection with the financing for the acquisition by CVC Capital Partners of Pasubio S.p.A.

Charterhouse's €325 financing for the acquisition of Optima-Mec3, 2016
Iacopo advised a pool of banks in connection with the €235 million senior financing to Cone Bidco S.p.A., company controlled by Charterhouse Capital Partners, for the acquisition of Optima-Mec3.

Borrower Finance

Enel's €10 billion sustainability linked revolving credit facility, 2021
Iacopo 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.

Open Fiber's €4.145 billion project financing, 2020
Iacopo advised Open Fiber S.p.A. in connection with increasing its existing 2018 financing from €3.5 billion to €4.145 billion. The financing includes the structuring of the operation and the preparation, negotiation and finalization of the related financial documentation.

BC Partners' €1.650 billion financings for the acquisition of a stake in SOFIMA, 2020
Iacopo advised Sofima Holding S.p.A., a newly established company controlling IMA S.p.A., and its subsidiaries in connection with multiple financings in the context of BC Partners's acquisition of Sofima and the subsequent mandatory tender offer on all the outstanding shares of IMA S.p.A. for a total amount of €1.650 billion.

Esselunga majority shareholders' €1.8 billion financing for the acquisition of a stake in Esselunga, 2020
Iacopo advised the controlling shareholders of Esselunga in connection with the €1.80 billion financing for the acquisition of a 30 percent share of Supermarkets Italiani from its minority shareholders. The transaction was financed by a combination of equity funding by the majority shareholders in cash of €100 million and €435 million deriving from the sale of 32.5 percent interest in the real estate company La Villata S.p.A. to a financial investor, and a senior debt facility of approximately €1.3 billion that includes a €550 million bridge component.

CVC's financings for the acquisition of Recordati, 2018
Iacopo advised certain companies, including Rossini Investimenti S.p.A., controlled by an investment consortium led by CVC Capital Partners and including PSP Investments and StepStone, in connection with a €1.485 billion senior secured bridge facilities agreement, a €225 million super senior revolving facilities agreement and a €615 million senior unsecured bridge facility agreement entered into in the context of the acquisition of Recordati S.p.A.

Open Fiber's €3.5 billion project financing, 2018
Iacopo advised Open Fiber S.p.A., an Italian company which is building an ultra broadband fiber network across Italy, on its €3.5 billion project financing, the largest-ever financing for a fiber optic network in the EMEA region.

Amplifon's €528 million acquisition of GAES Group, 2018
Iacopo advised Amplifon S.p.A. in connection with its €528 million term financing for the acquisition of GAES Group.

Wind Tre's €3.4 billion senior facilities agreement, 2017
Iacopo advised Wind Tre S.p.A. in connection with a €3.4 billion senior facilities agreement consisting of a €3 billion amortizing term loan and a €400 million revolving credit facility.

Private Credit & Direct Lending

Brookfield's €30 million senior secured fixed rate notes, 2019
Iacopo advised affiliates of Brookfield Asset Management in connection with the structuring and underwriting of €30 million senior secured fixed rate notes due 2027 issued by Whysol Renewables Holding 1 S.p.A. The proceeds of the notes will be applied directly or indirectly towards general corporate purposes of the group to which Whysol Renewables Holding 1 S.p.A. belongs.

Pemberton's financing for Italcer's acquisition of Ceramica Rondine, 2018
Iacopo advised Pemberton Asset Management in connection with the structuring and underwriting of €133 million senior secured floating rate notes due 2024 issued by Italcer S.p.A. for the acquisition by Italcer S.p.A. of Ceramica Rondine S.p.A.

Oaktree and Finaria on Finaria's private placement, 2017
Iacopo advised Oaktree Capital Management, acting through its investment vehicles OCM Luxembourg ECS S.à r.l., as arranger, and ECS Finaria S.à.r.l., as underwriter, in connection with the English and Italian law aspects of the private placement of notes purchased by them and issued by Finaria S.p.A.

GSO on the financing to support Polynt and Reichhold Group's merger, 2017
Iacopo advised GSO entities in connection with the funding of a unitranche financing to support the merger of Polynt S.p.A. with Reichhold Group, businesses owned by Investindustrial and Black Diamond respectively.

Pemberton and Crédit Agricole FriulAdria on the financing for Stirling Square's acquisition of Isoclima, 2017
Iacopo advised Pemberton and Crédit Agricole FriulAdria in connection with the financing for the acquisition of Isoclima S.p.A. by Stirling Square Capital Partners.

GSO on the PIK notes to support Bain Capital's acquisition of Fintyre, 2017
Iacopo advised GSO Capital Partners in connection with the purchase of €130 million secured guaranteed PIK notes due 2024 issued by Neo (BC) S.p.A. (now merged into Fintyre S.p.A.) for the acquisition of Fintyre S.p.A. by private equity company Bain Capital.

Ambretta and Fintyre on the financing for Bluegem's acquisition of Fintyre, 2015
Iacopo advised Ambretta S.p.A. and Fintyre S.p.A. in connection with the issuance of a unitranche financing in the form of €55 million senior secured floating rate notes due 2021 purchased by GSO funds and a €15 million super senior revolving financing arranged by Banca IMI S.p.A. for the acquisition of Fintyre S.p.A. by Bluegem.

Capital markets

Sofima's €1,280 million high yield, 2020
Iacopo advised Sofima Holding S.p.A., a newly established company controlling IMA S.p.A., in connection with a €1,280 million high yield bonds issuance of senior secured notes, issued in two tranches, in the context of the mandatory tender offer on all the outstanding shares of IMA S.p.A. The notes have been offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Luxembourg Stock Exchange.

Società di Progetto Brebemi's €1.679 billion project bond financing, 2019
Iacopo advised Società di Progetto Brebemi S.p.A. in connection with its €1.679 billion project bond financing. The transaction consists in a four tranched €1.679 bond issuance and approximately €307 million in credit facilities. The tranches of Notes have been issued pursuant to Regulation S and Rule 144A under the Securities Act and listed on the Official List of Euronext Dublin.

IGT's €500 million high yield, 2019
Iacopo advised International Game Technology PLC in connection with its issuance of €500 million 2.375% senior secured notes due 2028. The notes have been offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Official List of Euronext Dublin.

Diocle's €470 million high yield, 2019
Iacopo advised BNP Paribas and UniCredit Bank, as joint global coordinators and joint bookrunners, and Crédit Agricole CIB, as joint bookrunner, in connection with 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.

CVC's €1.3 billion high yield, 2018
Iacopo advised CVC Capital Partners on a €1.3 billion high yield bond issuance in connection with the proposed acquisition of FIMEI S.p.A., which owns approximately 51.8 percent of the outstanding share capital of Recordati S.p.A.

Gamenet's €225 million high yield, 2018
Iacopo advised Gamenet Group S.p.A. in connection with the issuance of its €225 million high yield senior secured guaranteed floating rate notes due 2023. The notes have been listed on the Luxembourg Stock Exchange and offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act.

Pedemontana's €1.57 billion project bond, 2017
Iacopo advised JP Morgan, as global coordinator, together with Banca IMI, Santander, Banca Akros and Kommunalkredit, in connection with a project bond financing for the construction of the Superstrada Pedemontana Veneta toll road. The transaction comprises the issuance of €1.221 billion variable rate senior secured amortizing notes and €350 million step-up subordinated secured notes.

C.M.C.'s €325 million high yield, 2017
Iacopo advised BNP Paribas, UniCredit Bank AG, Banca Akros S.p.A. – Gruppo Banco BPM, Banca IMI and MPS Capital Services, as initial purchasers, in connection with the issuance of €325 million 6% senior unsecured notes due 2023 by Cooperativa Muratori & Cementisti - C.M.C. di Ravenna Società Cooperativa.

Wind Tre's €7.3 billion high yield, 2017
Iacopo advised Wind Tre S.p.A. in connection with its €7.3 billion issuance of high yield senior secured notes, in a combination of euro-denominated fixed and floating rate notes and dollar-denominated fixed rate notes, issued pursuant to Rule 144A and Regulation S under the US Securities Act.

HP Pelzer's €350 million high yield, 2017
Iacopo advised HP Pelzer Holding GmbH – Adler Pelzer Group in connection with the issuance of €350 million 4.125% senior secured notes due 2024, which were issued pursuant to Rule 144A and Regulation S under the US Securities Act.

Corporate and M&A

Progressio's acquisition of Polenghi Food stake, 2019
Iacopo advised Progressio SGR S.p.A. in connection with the acquisition from Polenghi Group S.p.A. of a minority shareholding in Polenghi Food S.p.A. In addition, he also assisted in the structuring of the corporate governance arrangements relating to Polenghi Food S.p.A.

DentalPro's acquisition of Doctor Dentist, 2018
Iacopo advised on DentalPro, controlled by the private equity fund BC Partners, in connection with the acquisition of the dental clinics group Doctor Dentist from its founding shareholders.

Arval's 2.4€ billion acquisition of GE Capital's European fleet management activity, 2015
Iacopo advised Arval in connection with the acquisition of GE Capital's European fleet management activity for approximately €2.4 billion. The scope of the acquisition covers more than 160,000 vehicles in 12 European countries and is part of a global transaction.

Debt Restructuring

Irgen Group's restructuring
Iacopo advised Irgen Group in connection with the restructuring and refinancing of its financial indebtedness.

Kiko's debt reorganization, 2018
Iacopo advised Kiko S.p.A. on the amendment of debt facilities and a euro private placement made in relation to the acquisition of a minority interest in Kiko's share capital by Peninsula Capital. In December 2014 we also adivised Kiko on the amendments to (i) the agreements underlying its €152 million facilities agreement with lenders UniCredit, Banca Nazionale del Lavoro, Banca Popolare di Milano, Société Générale, BBVA and UBI Banca, and (ii) the agreements with noteholders of its €100 million bond also issued in December 2014.

HIIT – Holding Italiana Investimenti Tecnologici's restructuring, 2016
Iacopo advised HIIT – Holding Italiana Investimenti Tecnologici S.p.A. in connection with the restructuring of the financial indebtedness of its subsidiary Sirti S.p.A

Awards and Recognition

Banking & Finance
Leading Lawyer (Band 2): Chambers & Partners Europe/Global 2021
Hall of Fame: The Legal 500 EMEA 2021
Highly Regarded: IFLR1000 2021
Leading Lawyer: TopLegal 2013

Capital Markets: Debt
Highly Regarded: IFLR1000 2020
Recommended: The Legal 500 EMEA 2021

Corporate & M&A
Recommended: The Legal 500 EMEA 2019

Restructuring/Insolvency
Highly Regarded: Italy – IFLR1000 2020
Recommended: The Legal 500 EMEA 2021
Leading Lawyer (Band 4): Chambers & Partners Europe/Global 2015
Leading Lawyer: TopLegal 2013