Hogan Lovells advises FS Italiane in its first 2.5 billion Euros Sustainability-linked Revolving Credit Facility

Milan 30 June 2021 – International law firm Hogan Lovells has advised FS Italiane, the Italian national railway company, in its first Sustainability linked Revolving Credit Facility, with a size of 2.5 billion Euros and a 3 year tenor. This is the largest financial transaction ever for the Group and its first sustainability linked product.

The facility has been granted to FS Italiane by Cassa Depositi e Prestiti, the Italian National Promotion Institute, and a pool of banks comprising Intesa Sanpaolo, UniCredit, Credit Agricole CIB, CaixaBank and Banca Popolare di Sondrio.

In line with its sustainability linked nature, the facility allows rate of interest and commitment fee adjustments in connection with the achievement of certain targets relating to 4 Key Performance Indicators (KPIs). Such KPIs reflect the FS Group's ESG commitments of improving sustainable mobility, increasing the stations accessibility and rating and decreasing the gender gap in management positions.

Hogan Lovells has assisted FS Italiane in all phases of the transaction, including the competitive bid process for the selection of the lenders. The Hogan Lovells team was led by partner Federico Del Monte with support from counsel Annalisa Feliciani and associate Matteo Scuriatti. The Italian Tax Department advised on the transaction's tax matters with a team comprising counsel Serena Pietrosanti and senior associate Maria Cristina Conte. Partner Francesca Angeloni and senior associate Emanuela Cocco provided assistance on administrative law related issues.

Intesa Sanpaolo, UniCredit, Cassa Depositi e Prestiti, Credit Agricole CIB and CaixaBank acted as Underwriters & Mandated Lead Arranger; Banca Popolare di Sondrio as Participant; Intesa Sanpaolo, UniCredit and Credit Agricole CIB played the role of Sustainability Coordinators; the Intesa Sanpaolo was the Agent Bank.


Back To Listing