Tiziana Germinario

Local Partner, Milan



Tiziana Germinario is a local partner in the Milan office with almost 17 years of experience. Her main areas of practice are debt finance, financial restructuring and structured finance. She regularly assists local and international banks, financial intermediaries, companies operating in different industries (e.g. automotive, energy, global contracts, sport and entertainment, shipping, food and beverage, industrials & manufacturing) and sponsors in the context of corporate finance, restructuring, real estate finance, leveraged and acquisition finance transactions, including innovative green sustainability-linked and ESG related financings. Tiziana has also experience assisting investors, originators and servicers in the context of NPL and UTP purchase and securitization transactions, including in the context of restructuring transactions.

The Legal 500 2023 recognized Tiziana as a Next Generation Partner in Banking & Finance and as a recommended lawyer in Restructuring and Insolvency.

Prior to joining White & Case in August 2019, Tiziana practiced in the Milan offices of two other major international law firms and acted as legal counsel at BNP Paribas, providing legal advice on a broad range of banking transactions and services.

Bars and Courts
Italian Bar
JD (Juris Doctor)
Bocconi University

Milan, Italy



Green and Sustainability-linked Finance

Autostrade per l'Italia's €750 million financing, 2021
Tiziana advised a pool of banks including Intesa Sanpaolo, BNP Paribas, BNL, UniCredit, Banco BPM and Natixis in connection with a five-year €750 million revolving credit facility granted to Autostrade per l'Italia S.p.A. The loan 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 financing, 2021
Tiziana 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..

.italo's €1.1 billion financing, 2019
Tiziana advised Banca IMI, Natixis and UniCredit as global coordinators, mandated lead arrangers anb and green coordinators; Banco BPM, Banco Santander, BNL, ING Bank, Mediobanca and Société Générale as mandated lead arrangers; and BPER, CAIXA Bank, MUFG and NatWest as lead arrangers, in connection with the €1.1 billion syndicated green loan provided to .italo NTV.

Debt Finance

Fondo Priula's multiple financings, 2022
Tiziana advised Fondo Priulia, 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 assets.

Coop Allenza's €560 million financing, 2022
Tiziana advised Coop Allenza 3.0 Soc. Coop., one of the biggest European consumers' cooperative, in connection with its €560 million debt refinancing, which includes a bilateral margin loan facility agreement with UniCredit for a maximum total value of €200 million, and a mortgage term facility agreement for a maximum total value of €360 million with a pool of lenders including Intesa Sanpaolo, UniCredit, Banco BPM and BPER Banca.

F.I.S.'s €50 million financing, 2022
Tiziana advised a pool of banks in connection with a €50 million revolving credit facility granted to F.I.S., an Italian company which develops and produces active ingredients for the pharmaceutical industry. The transaction included also the debut issuance of €350 million sustainability-linked 5.625% senior secured notes due 2027 by F.I.S. — Fabbrica Italiana Sintetici S.p.A.

Salumificio Fratelli Beretta's €45 million financing, 2022
Tiziana advised Rabobank in connection with a €45 million revolving credit facility granted to Salumificio Fratelli Beretta and two companies of the group CIM and Framon, all active in the food and beverage sector.

GVS's €150 million financing, 2021
Tiziana advised GVS S.p.A., a global leader in the supply of filtration solutions in the healthcare and life sciences, energy and mobility, and health and safety sectors, in connection with a €150 million financing for the acquisition of 100 percent of the share capital of RPB Group, a US headquartered company that specialises in the design and production of respiratory protection devices.

Cedacri's €60 million financing, 2021
Tiziana advised J.P. Morgan AG, UniCredit S.p.A. and Goldman Sachs Bank Europe SE, as mandated lead arrengers and J.P. Morgan Chase, UniCredit S.p.A. and Goldman Sachs Bank Europe, as original lenders, on a €60 million revolving credit facility to Cedacri Mergeco S.p.A. to finance its acquisition of Cedacri S.p.A. The financing included also the issuance of €650 million senior secured floating rate notes due 2028 by Cedacri Mergeco S.p.A.

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

Sofima Holding's multiple financings, 2020
Tiziana 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.

Cerved Group's €713 million financing, 2020
Tiziana 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.

Financial Restructuring & Insolvency

Varvel's restructuring, 2022
Tiziana advised UniCredit S.p.A. and the other financial creditors in connection with the restructuring of Varvel S.p.A., a company that produces speed reducers, gear-motors and speed variators for fixed industrial applications of small and medium power.

Sirti's restructuring, 2021
Tiziana 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.

Messina Group's restructuring, 2020
Tiziana 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.

Awards and Recognition

Banking & Finance
Next Generation Partner: The Legal 500 2023