Global law firm Ashurst has advised Natixis on the refinancing of SUPERNAP Italia through a secured hybrid transaction – the first of its kind for an Italian data center – combining a bond and project financing facilities.
Natixis acted as Sole Structuring Mandated Lead Arranger, Underwriter, Bookrunner and Agent for the financing, which comprises a €63 million project bond listed on ExtraMOT Pro as well as a capex facility, a liquidity facility and a VAT facility. Proceeds will be used to refinance existing debt and to finance capital expenditure to support SUPERNAP Italia's continued expansion.
SUPERNAP Italia is a 40-MW data center facility located near Milan, developed using several patented technologies. It is largely considered among the most efficient and resilient colocation facilities worldwide. The data center has been actively serving customers since 2016, and demonstrates operational excellence via several industry certifications, including ANSI/TIA-942 Rated 4. SUPERNAP Italia guarantees 100% uptime and uses only certified renewable energy to power the facility.
The Ashurst team was led by partner Carloandrea Meacci with a team comprising senior associate Federica Periale, associates Paolo Gallarà and Riccardo Rao, and trainee Arianna Mauri; for aspects relating to the bond, counsel Annalisa Santini assisted with trainee Daniele Dainese. Tax partner Michele Milanese advised on the tax aspects of the transaction. Partner Umberto Antonelli and senior associate Nicola Toscano assisted BNP Paribas Securities Services - Milan branch, which acted as security agent, bondholder representative, principal paying agent and calculation agent.
Ashurst advised Natixis also on the first non-recourse project financing of Supernap Italia in 2018.
