GNV successfully completes refinancing

Genoa - Grandi Navi Veloci S.p.A. (GNV), a leading European short-sea operator specialized in pax and cargo transportation within the Mediterranean Sea, has successfully refinanced Euro 312 million of existing credit facilities by raising a new Euro 320,000,000 debt financing package. Mediobanca and Unicredit coordinated the refinancing process. The Euro 320,000,000 financing was well received, attracting liquidity from both banks and institutional investors, and was split as follows:

•Euro 245,000,000 5 years Senior Secured Financing, split between a 225,000,000 Term Loan and a Euro 20,000,000 Revolving Credit Facility. Mediobanca and Unicredit acted as Global Coordinators and Joint Bookrunners, and Banca Popolare di Milano, Banca IMI and Norddeutsche Landesbank Girozentrale as Mandated Lead Arrangers;

•Euro 75,000,000 6 years Subordinated Secured Notes, privately placed with two institutional investors. Mediobanca and Unicredit acted as Placement Agents for the issuance.

The new debt structure provides Grandi Navi Veloci S.p.A. with adequate financing flexibility to support its business development and also reinforces and expands its relationship with key financing partners. The transaction was led by GNV top management, namely the Chairman & CEO Roberto Martinoli and the CFO Alessandro Matteini. White & Case LLP acted as Company’s legal counsel, while Legance - Avvocati Associati and Linklaters LLP acted as legal counsels for the banks underwriting the Senior Secured Financing and the investors in the Subordinated Secured Notes, respectively. Roberto Martinoli, Chairman and CEO of GNV said: “I am delighted for the outcome of this refinancing. The agreement, reached with leading Italian and international institutions, is a clear sign of the soundness of GNV financial position, achieved by designing and implementing a clear and ambitious business plan, as also demonstrated by the record results achieved in the first quarter of this year. Thanks to the agreement and with the support of its shareholder, GNV is now in the best position to reach its full potential, becoming even stronger and more competitive”