I P F A   Team advised investment banks and bond financiers on the first project bond in Italy and a landmark debt refinancing of ASI, a leading solar PV portfolio.

This transaction, which is the first of its kind in Italy, comprises an innovative debt package which merges features of a banking facility with those of a bond issue. Natixis acted as sole arranger of the entire financial package (bond and loans), sole bookrunner, sole underwriter, transaction agent, facility agent and sole hedging bank. The deal was successfully distributed to international and domestic institutional investors and banks.

It is one of the first secured hybrid transactions in the European renewable sector. ASI will use the proceeds from the refinancing to incorporate seven solar PV plants under one umbrella structure, whereas previously the plants were financed on an individual basis.

The project bond and the project finance loan are both nonrecourse senior secured, unwrapped and unrated for an amount of circa EUR165M. The project bond and the project finance loan have a maturity of 14 years.

The arrangement also includes a liquidity facility and a VAT facility.