Latham & Watkins Advises Rekeep on €360 Million Senior Secured Notes Issuance and Debt Refinancing.
Rekeep S.p.A., Italy’s leader in facility management, issued €360 million senior secured notes due 2029, a key move to optimize its financial profile and extend debt maturity, with support from Latham & Watkins.
The €360 million senior secured notes have an annual interest rate of 9.00%, payable semi-annually, and were issued at an issue price of 97.5%. This marks a significant step forward in Rekeep’s ongoing efforts to manage and optimize its corporate debt.
In conjunction with this issuance, Rekeep has completed the full early redemption of its €370 million senior secured notes that were originally due in 2026. This includes the payment of all accrued interest and additional amounts, effectively removing the pressure of upcoming financial obligations.
As part of its ongoing financial strategy, Rekeep has entered into a new revolving credit facility (RCF) agreement, offering €55.5 million available for future drawings.
This replaces the previous facility, which allowed €75 million. By securing this new facility, Rekeep further strengthens its liquidity, allowing for flexibility in funding future initiatives and projects.
By issuing the new notes and redeeming the previous bond early, Rekeep has successfully extended the average duration of its debt, thus optimizing its financial position.
This liability management transaction is a strategic move that secures the company’s debt maturity further into the future, giving it more flexibility in its operations and financial planning.
Latham & Watkins played a crucial role in advising Rekeep throughout the transaction, with a team led by partner Jeff Lawlis, counsel Giorgio Ignazzi, and associate Chiara Coppotelli, along with associates Ruggero M. Barelli and Jacopo Lannes, handling US capital markets matters.
The firm also provided guidance on Italian finance from partners Marcello Bragliani and Alessia De Coppi, with associate Simona Di Marcantonio; on UK finance from partner Ross Pooley, counsel William Lam, and associate Jack Winfield; on regulatory matters from partner Cesare Milani, with associates Edoardo Cassinelli and Irene Terenghi; and on Italian capital markets by associate Marco Bonasso.
Rekeep S.p.A. is Italy’s leading provider of integrated facility management, offering services such as property management, cleaning, and healthcare facility support. Founded in 2003, the company focuses on innovation and sustainability, providing tailored solutions to meet the evolving needs of both public and private clients globally.
Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy.
Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.
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