Latham Advises Unicredit on The Issuance of USD 2 Billion in Notes

In finance, senior debt, frequently issued in the form of senior notes or referred to as senior loans, is debt that takes priority over other unsecured or otherwise more “junior” debt owed by the issuer. Senior debt has greater seniority in the issuer’s capital structure than subordinated debt.

UniCredit S.p.A. has successfully issued US$1 billion of Fixed to Fixed Rate Senior Preferred Notes, with a 6 year maturity and a call after 5 years, and US$1 billion of Fixed to Fixed Rate Senior Preferred Notes, with a 11 year maturity and a call after 10 years, targeted to institutional investors under 144A/Reg S for a total amount of US$2 billion.

The transaction was completed under UniCredit’s US$30 billion United States Global Medium Term Note Programme.

BofA Securities, Citi, Goldman Sachs International, J.P. Morgan, Morgan Stanley, TD Securities, and UniCredit acted as Joint Bookrunners for the Notes offering.

Latham & Watkins advised UniCredit S.p.A. in the transaction with a team led by London and Milan partner Ryan Benedict, with Milan partner Antonio Coletti and associates Giorgio Thomson Ignazzi, Marco Bonasso, and Marta Carini. Advice was also provided on US tax matters by New York partners Jocelyn Noll and Aaron Bernstein.

Latham & Watkins Overview

Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, Latham is the second-largest law firm in the world by revenue. As of 2021, Latham is also one of the most profitable law firms in the world, with profits per partner exceeding US$4.5 million.

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