13 Nov 2025

White & Case Linklaters and TremontiPartners advise on doValue €350 million senior secured bond issuance

"White & Case and TremontiPartners advised doValue on a €350 million senior secured bond due 2031 (5.375% fixed) to fund the acquisition of coeo group GmbH; Linklaters advised the bond subscribers. The bonds were issued under Rule 144A and Regulation S and admitted to trading on the Luxembourg Euro MTF."

White & Case, Linklaters and TremontiPartners advised the parties to doValue’s €350 million senior secured bond issuance: White & Case and TremontiPartners acted for issuer doValue, while Linklaters advised the bond subscribers. The transaction comprised a €350 million senior secured bond issued by doValue, maturing in 2031 and carrying a fixed annual coupon of 5.375%. The net proceeds of the placement, together with available cash, will be used by doValue to acquire 100% of the share capital of coeo group GmbH and to cover related costs and expenses. The bonds were issued pursuant to Rule 144A and Regulation S under the US Securities Act and have been admitted to listing on the Euro MTF market organised and managed by the Luxembourg Stock Exchange. Coeo, headquartered in Germany, is described as a leading operator among the new generation of AI-driven digital credit management companies. The company serves large-cap clients across sectors including e-commerce, payments, telecommunications, parking management and energy in eight European countries. White & Case represented doValue with a team composed by: partners Michael Immordino and Evgeny Scirtò Ostrovskiy (capital markets; Milan and London offices), US associate Pietro Bancalari (US associate; London and Milan), and associates Roberta Monasterolo, Leonardo Rubera and Stefano Cultrera (associates; Milan). The firm’s debt finance team included partner Stefano Bellani and associate Alessia Sommadossi (debt finance; Milan). Linklaters represented the bond subscribers with a cross-border team from Milan and London composed by: partners Giacomo Reali and Ugo Orsini and counsel Marco Carrieri (lead transactional counsel), managing associate Sara Giugiario, associate Chiara Savarese and trainee Thomas Alves Pereira (Milan), and partner Christianne Williams together with US associates Samy Amirouchen and Juan Diego Tibaduiza (London). Tax advice within Linklaters was provided by managing partner Roberto Egori, counsel Fabio Balza, managing associate Matteo Feliziani and trainee Luca Rocco Balbino (tax). TremontiPartners represented doValue on tax matters with a team composed by partners Stefania Trezzini and Simone Zucchetti and associate Simone Ferrucci (tax).
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