Kirkland Advises PAI Partners on Pasubio Debt Refinancing
Kirkland & Ellis advised PAI Partners and Pasubio in connection with Pasubio’s offering of €400 million in aggregate principal amount of senior secured notes. The proceeds of the offering of the notes were used to fund the full redemption of Pasubio’s existing senior secured notes, repay outstanding drawings under its existing revolving credit facility and fund cash to balance sheet for general corporate purposes. In connection with this transaction, Pasubio also received commitments from lenders for a new revolving credit facility.
Founded in 1959 and headquartered in Arzignano, Italy, Pasubio is a leading global supplier of luxury and premium leather and textile materials, combining a strong heritage in automotive interiors with a growing presence in high-end fashion. This refinancing transaction reflects the continued confidence of international debt investors in Pasubio's business model and its evolution in recent years from a premium automotive leather specialist into a diversified luxury multi-material platform, serving both the automotive and fashion industries.
The Kirkland team included capital markets lawyers Cedric Van den Borren, Will Taylor, Luca Meneghini and Eva-Luna Slingerland; debt finance lawyers Evgeny Zborovsky, Sherry Khalili, Michael McNamee and Cristina Poon; tax lawyers Gal Shemer and Limeng Sun; and investment funds lawyer Josh Westerholm.
