Ashurst advises SEAT Pagine Gialle on refinancing

Following the article in Issue 34 on the refinancing of SEAT Pagine Gialle SpA's E4.25bn and £75m existing facilities, Ashurst advised BNP Paribas, Barclays Capital, CSFB and RBS as mandated lead arrangers in relation to the operation. Ashurst advised BNP Paribas, Barclays Capital, Credit Suisse First Boston and The Royal Bank of Scotland plc as mandated lead arrangers in connection with the refinancing of SEAT Pagine Gialle SpA's E4.25bn and £75m existing facilities. This included advising The Royal Bank of Scotland plc as bilateral lender on E2.9bn and £75m senior facilities in connection with the refinancing. The existing facilities were also refinanced by a E1.3bn bond issue, the largest ever in Europe. International finance partners Nigel Ward and Jane Fissenden in London and Riccardo Agostinelli in Milan led the cross-border Ashurst team, assisted by solicitors James Collis, Lorenzo Vernetti, Iain Bage and Mark Edwards and trainees Consuelo Citterio, Andrea Buti and Stephanie Henderson. International finance partner Andreas Zahn also advised, assisted by Rudolf Lemke in Frankfurt, and tax partner Stefano Serbini, assisted by Paola Flora in Milan. Dickson Minto, Studio Legale Giliberti & Associati and Skadden, Arps, Slate, Meagher & Flom LLP acted for the sponsors. Cravath, Swaine & Moore LLP and Clifford Chance, Milan acted for the bondholders.

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