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Latham Advises on Senior Secured Credit Facilities in Connection With ITP Aero’s €1.7 Billion Acquisition by Investor Consortium Led by Bain Capital Private Equity

September 27, 2022
Cross-border finance and tax team advised on the financing.

Latham & Watkins LLP advised an arranger group led by Credit Suisse in connection with senior secured credit facilities consisting of a US$666,706,620 first lien term loan facility and a US$116,000,000 multi-currency revolving credit facility, the proceeds of which funded Bain Capital Private Equity, L.P.’s acquisition of Industria de Turbo Propulsores, S.A.U. (ITP Aero). On September 27, 2021, Rolls-Royce Holdings PLC announced it signed a definitive agreement to sell 100% of ITP Aero to Bain Capital Private Equity, L.P., which led a consortium of investors including Spanish co-investors SAPA and JB Capital, for approximately €1.7 billion. ITP Aero engages in the design, research and development, manufacture and casting, assembly, and testing of aeronautical engines and gas turbines.

Latham & Watkins LLP represented the arrangers in the senior secured credit facilities with a finance team led by New York partner Dan Seale, London partner Manoj Bhundia, Madrid partner Fernando Colomina, and Madrid counsel Luis Sánchez, with associates Michela Mancini, Christian DeSimone, Chiraag Patel, Felix Buddee, Alexander Law, Pablo Alarcón, and Victoria Morales. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with associates Aoife McCabe, Sam Duncan, and Blanca Vazquez de Castro; and on uniform commercial code matters by New York partner Larry Safran and New York counsel Brian Rock.