Osborne Clarke advises GAIA S.p.A. on the selection of a lender for a €165 million transaction

Osborne Clarke advised GAIA S.p.A. – the company managing the Integrated Water Service in Territorial Conference No. 1 “Northern Tuscany” – on the public tender procedure for the selection of a lender for the sum of €165 million, to be used to repay part of the existing debt and, primarily, to fund new investments.

The Osborne Clarke team was led by partner Giorgio Telarico and comprised partner Giorgio Lezzi, senior associate Federico Milani and trainee Francesco Antonio Maria Notti for the due diligence and procedural aspects, whilst Giorgio Telarico, associate Ugo Marchionne and trainee Vincenzo Maria De Caprio advised on matters relating to the preparation of the term sheet for the loan.

The loan may also be used to support Gaia’s potential takeover of water service management in the Municipality of Lucca.

The company was also assisted by REF Agenia on aspects of the technical and tariff-related due diligence, the preparation of the financial model, and on economic and financial matters.