Intermediate Capital Group has completed the acquisition of 100 per cent of Doc Generici, a company in the generic drugs sector, from the CVC fund.
The acquisition was financed, among other things, by a EUR470 million senior secured bond issue with variable interest rate and maturity 2026 by Diocle, a vehicle controlled by ICG.
The bonds, issued on 27 June 2019 in accordance with Rule 144A and Regulation S of the Securities Act, were listed on the Luxembourg Stock Exchange and the Italian Stock Exchange (Extra MOT segment). In the context of this issue, Diocle S.p.A. and other companies in the new chain of control over Doc Generici, including Target itself, were also granted a super senior secured revolving credit line for an amount of Euro 50 million.
In the context of this bond issue and RCF loan agreement, ICG was assisted by Latham & Watkins with a team composed of the partner Francesco Lyone and the associates Jemma McPherson and Rosie Wu (all from the London office) with regard to the aspects of US law and the partner Xavier Farde, the counsel Carla Sophie Imperadeiro and the associate Virginie Terzic (all from the Paris office) for the UK law aspects.
Gattai, Minoli, Agostinelli & Partners with a team composed of the partners Riccardo Agostinelli and Lorenzo Vernetti and the associates Daniele Migliarucci, Silvia Romano, Federico Tropeano and Cristina Cupolo assisted ICG for the Italian law aspects.
The banks involved in the issue, namely BNP Paribas and UniCredit Bank, as Joint Global Coordinators and Joint Bookrunners, and Crédit Agricole CIB, as Joint Bookrunner, were assisted by White & Case with a team of partners Colin Chang (Paris), Michael Immordino (London/Milan), Iacopo Canino (Milan) and Jill Concannon (London) and associates Robert Becker, Louise Ruggiero, Stefano Bellani and Nicole Paccara (all from the Milan office).
In addition, partners Raphaël Richard and Samir Berlat, assisted by associates Bettina de Catalogne and Laure Elbaze (all from the Paris office), followed the RCF funding aspects.
