International law firm Ashurst has advised Cassa depositi e prestiti S.p.A. on a Renminbi 40 million loan to FIAMM Autotech, part of FIAMM Componenti Accessori S.p.A. Group.
The loan will be used to increase the company's production capacity in China. The amount was entirely granted by Cassa depositi e prestiti using the proceeds from the RMB 1 billion "Panda Bond" issued on July 31, the first issuance of Cdp Panda Bond program. The loan to FIAMM is the third transaction carried out under this scheme.
Other finance parties include Banca Monte dei Paschi di Siena SpA, Shanghai subsidiary, as facility and payment agent and Bank of China, Milan branch, as PRC advisory bank.
FIAMM Componenti Accessori - F.C.A. specializes in the production and supply of acoustic signals in the automotive sector.
The Ashurst team was led by partner Carloandrea Meacci, assisted by counsel Simone Egidi, senior associate Federica Periale and associate Yasmina Tourougou. Counsel Fabio Balza advised on tax aspects while PRC law aspects were handled by a team of lawyers from Beijing and Shanghai including counsel Yolanda Liu and associate Phoebe Chen under the guidance of partner Patrick Phua.
