A&O Shearman advises on first-of-its-kind securitization tranche in connection with KKR-NetCo infrastructure financing

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Published Date

Sep 17, 2024

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A&O Shearman has advised a group of financial institutions on the structuring of a securitization tranche for the purpose of syndicating a portion of the financing supporting KKR in the acquisition of NetCo, TIM’s fixed line network, and integration with FiberCop. This acquisition represents the largest digital infrastructure deal in Italy in the last 5 years.

For the first time, a securitization technique has been used to engage institutional investors in financing for infrastructure assets.

Partner Pietro Bellone commented: “We are excited to have set this new benchmark in the infrastructure finance sector. There are clear advantages in using the securitization technique over traditional bonds, and we are convinced that this significant transaction will pave the way for others”.

Partner Annette Kurdian added: “This transaction is a definitive precedent for an alternative and more efficient route to enable Italian borrowers access to broader pools of capital. It can be adapted for use in a wide variety of financings.”

The A&O Shearman team was led by partners Pietro Bellone and Annette Kurdian and comprised senior associate James Ashcroft and associates Fabio Gregoris, Riccardo Ingrao, Leonie Adam and Ruby-Jane van Zyl. Counsel Elia Ferdinando Clarizia and associate Doris Ceoromila have provided assistance on tax matters.

Legance has advised KKR/NetCo with senior partner Andrea Giannelli and partner Vittorio Pozzi, along with senior counsel Roberto Mazzarano and senior associate Jurgen Hyka. Senior counsel Francesco Di Bari has provided assistance on tax matters.