Gnutti Carlo Spa renegotiates €245m debt to support 2026–2030 Industrial Plan

Following strong performance over the past two years, Gnutti Carlo Spa has successfully completed the renegotiation of its medium-to-long term debt for a total amount of €245 million. This financial operation is designed to support the new 2026–2030 Industrial Plan, which outlines over €200 million in investments across the group’s various production plants.

The transaction was executed entirely through the group’s internal financial structure, which directly coordinated a club deal comprising seven equal banking institutions. This partnership provides integrated support for the industrial plan through a refinancing line, an RCF line, and a Capex line, the latter supported by a 70% SACE guarantee. The operation further consolidates the group’s capital and financial structure, providing the necessary flexibility for potential inorganic growth opportunities.

As part of the same operation, the group negotiated amendments to its existing private placement provided by PGIM Private Credit (part of PGIM, INC.), as well as the related intercreditor agreement. The transaction involved Gnutti Group entities operating in Austria, Sweden, and Canada.

Gnutti Carlo S.p.A. was assisted by Deloitte Legal with a team led by partner Gabriele Pavanello, supported by senior associate Filippo Schiera and trainee Riccardo Re. Deloitte Legal provided legal assistance across all involved jurisdictions, covering both financial aspects and related corporate matters.

The syndicate of lending banks—comprising Banca Monte dei Paschi di Siena, Banco BPM, BPER Banca Corporate & Investment Banking, Crédit Agricole Italia, Intesa Sanpaolo, and UniCredit as mandated lead arrangers, lenders, and bookrunners; BNP Paribas Italia as mandated lead arranger and bookrunner; and Banca Nazionale del Lavoro as lender, with Crédit Agricole Italia acting as agent bank—was assisted on Italian law matters by Dentons. The Dentons team was led by partner Alessandro Fosco Fagotto, head of the banking and finance department in Italy and Europe, and included senior associate Gaia Grossi and associate Anna Zanoni. Dentons also advised SACE regarding the issuance of the guarantee and coordinated local legal counsel in Austria, Sweden, and Canada.

PGIM Private Credit was assisted by Rimon Law for the private placement profiles, with a team composed of partner Tom O’Connor and counsel Chloe Abbott.