DLA Piper advises on sustainability-linked schuldschein loan agreements of MAIRE S.P.A.

DLA Piper has acted as transaction counsel for Commerzbank Aktiengesellschaft, as initial lender, arranger and paying agent, Credit Agricole Corporate and Investment Bank and Intesa Sanpaolo (IMI CIB Division), as arrangers, Credit Agricole Corporate and Investment Bank as sustainability coordinator and MAIRE, as borrower, in the structuring and organisation of the German law governed sustainability linked Schuldschein loans for a total amount of EUR200 million successfully placed in July 2024.

A Schuldschein loan is a financial instrument typical of the German and Austrian market, consisting in a loan agreement evidenced by a certificate of indebtedness, that consequently may be easily transferred and syndicated to a vast number of investors.

The loans provide for a reduction of the margin upon certain GHG Emissions reduction goals being achieved by MAIRE.

DLA Piper acted with a cross-jurisdiction team, coordinated by Giovanni Ragnoni Bosco Lucarelli (partner, Rome), Luciano Morello (partner, Rome) and Wolfram Distler (partner, Frankfurt) and comprising Gianfranco Giorgio (legal director, Rome) and Angela Angiò (trainee lawyer, Rome) for Italian law advice, and Tobias Daubert (Counsel, Frankfurt), and Arne Klingelhöfer (transaction specialist, Frankfurt) for German law advice.

DLA Piper has also acted, under strict information barriers, as counsel for Cassa Depositi e Prestiti, who acted as investor (together with other international banks and financial institutions), with a separate working team comprised of Giampiero Priori (partner, Milan) and Valerio Cellentani (lawyer, Milan) as per Italian law, and Eike Neugebauer (Partner, Frankfurt) and Ute Brunner-Reumann (senior counsel, Frankfurt) as per German law.