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Case Study

CAP Holding SpA sets up multi-currency Sustainability Linked Shelf Facility

Based in Milan, Italy CAP Holding SpA (“CAP” or the “Company”) is a utility company that manages the integrated water service in the Milan Metropolitan area.

Case Study

CAP Holding SpA sets up multi-currency Sustainability Linked Shelf Facility

Based in Milan, Italy CAP Holding SpA (“CAP” or the “Company”) is a utility company that manages the integrated water service in the Milan Metropolitan area.

At a Glance

Prudential Private Capital first interactions with CAP date back to 2016, and in 2023 CAP informed us of the Company’s financial needs and willingness to partner with a long-term investor as it sees an extension of the maturities very appealing given then capex plan going to fund and upgrade the infrastructure through the separate phases of the water cycle (network and systems).

In December 2023, Prudential Private Capital set up a three-year, $260 million multi-currency Sustainability Linked Revolving Shelf Facility with an initial draw up to €105 million. The long-term notes and Shelf facility will support CAP’s growth strategy as well as future investments.

CAP Holding SpA decided to partner with us given i) our relationship-oriented pragmatic approach and broad knowledge of their market in Europe, ii) the attractiveness of their inaugural USPP terms also linked to sustainable KPIs included in their Framework Agreement, and iii) the possibility of further draws to finance capex.

We are excited to formalize our relationship with CAP through this investment, and we look forward to supporting the Company in the years to come.

Relationship since 2023
Transaction details:
  • $260 million Sustainability Linked Pru-Shelf Facility

    With an initial draw of
  • €105 million Senior Unsecured Notes
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The Full Story

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Francesco Ascoli headshot
Francesco Ascoli
Senior Vice President
+39.02.50042.104
Email
Italy

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