Law Firms Advising on Viveracqua Sixth Hydrobond Issuance

CRCCD, Legance and Pirola Pennuto Zei & Associati acted as legal advisors in the transaction: CRCCD, jointly with Banca Finint, assisted the five issuing managers in Viveracqua; Legance advised the European Investment Bank; CRCCD also advised SACE; and Pirola Pennuto Zei & Associati assisted the five managers on their internal approval processes. The sixth hydrobond issuance for Viveracqua was successfully completed for a total amount of €200 million. The five consortium managers — Acquevenete, Alto Trevigiano Servizi, ETRA Società Benefit, Piave Servizi and Viacqua — will deploy the proceeds to support investments across their service territories, which cover roughly 330 municipalities and some 2.5 million inhabitants and are served by an 11,000‑kilometre aqueduct network. Planned interventions amounting to approximately €465 million over the next four years are intended to modernise and improve the efficiency of drinking‑water and sewerage networks and to upgrade wastewater treatment, in line with sustainable water management principles (UN SDG 6) and to benefit the territories served. From a structural standpoint, each of the five managers issued a 20‑year bond, all fully subscribed by the special purpose vehicle Viveracqua Hydrobond 2025. The vehicle financed the subscription by issuing asset‑backed securities that were entirely subscribed by the European Investment Bank. The transaction also benefits from the Archimede guarantee issued by SACE. CRCCD represented the issuing managers (Acquevenete, Alto Trevigiano Servizi, ETRA Società Benefit, Piave Servizi and Viacqua) as part of the temporary consortium with Banca Finint, with a team composed by: partner Marcello Maienza (team lead), senior associate Luca Simoni and associate Lorenzo Fiore. The team advised on the arrangement, placement and legal aspects of the issuance. CRCCD represented SACE with a dedicated team composed by: partner Stefano Agnoli and associate Elena Ghi. CRCCD represented the issuing managers on tax matters with a team composed by: partner Paolo Serva (tax) and associate Massimo Coppin. Legance represented the European Investment Bank with a team composed by: senior partner Andrea Giannelli, partner Antonio Siciliano and associate Cosimo Spagnolo. Pirola Pennuto Zei & Associati represented the five issuing managers in their internal deliberative processes with a team composed by: partner Gianluca Saccoccia and counsel Davide Rubino.

Law Firms Advising on Viveracqua Sixth Hydrobond Issuance

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