Cleary Gottlieb acted as international counsel to the underwriters Merrill Lynch International and UniCredit Banca Mobiliare S.p.A. in an offering by Actelios S.p.A. of rights to subscribe for new ordinary shares. The Reg. S offering, conducted entirely outside of the United States, generated approximately €250 million in new capital for Actelios (before expenses).
The offering occurred in two phases; during the first, the rights were offered to Actelios’ existing shareholders and offered on the Italian stock exchange. In the second phase, Actelios sold the remaining 2% of rights not yet subscribed for through a stock exchange public auction.
The new capital will form the equity component of a major project financing designed to allow Actelios to build and operate integrated systems for waste disposal and energy production in Sicily. These projects are part of the Italian government’s “Waste Management Plan for Sicily,” in which solid urban waste must be delivered to waste-to-energy facilities for processing. The Sicilian projects will significantly expand the scope of operations of Actelios, which currently owns and operates several waste-to-energy and biomass plants.
Actelios is a member of the Falck Group, an Italian conglomerate engaged in energy production from renewable sources as well as iron and steel production.