Four new issues have been listed in the last two days on Borsa Italiana‘s ExtraMot Pro, the market dedicated to bonds and minibonds, project bonds and commercial paper issued by corporates and in particular to SMEs. Two issues (by Micoperi and ITWay) lended on the market yesterday e and the other two (ETT Solutions and Oxon Italia) today.
EPCI contractor Micoperi‘s minibond had quite a good success among investors so that the issue size has been increased to 35 million euros from initial 25 millions. With its marine units and with its own special tools and equipment of primary importance, Micoperi is a leader in the offshore oil and gas Industry. The minibond has a 5 years’ maturity, pays a 5.75% coupon and is rated A2.2 by Cerved (see here the section dedicated to Micoperi in the ExtraMot ProLink site).
Micoperi’s deal has been structured by Banca Popolare di Vicenza as arranger and lead manager. The bank will be also a subscriber of the bond as the institute is committed to retain in its portfolio at least 5% of the total value of each issue it brings to the market. The bank put aside 250 million euros of its own budget last year to be invested in Italian minibonds.
Micoperi reached 433.8 million euros in revenues in 2013 with 37.2 millions of ebitda and a net financial debt of 82.4 millions. The group estimates to have closed year 2014 with 346,8 millions in revenues, an ebitda of 40,3 millions and a net financial debt of 76.6 millions. The Admission document explains that the company will use bond proceeds to partly finance a 100 million euros investments plan.
Yesterday ITWay spa made its debut commercial paper issue at the Extra Mot Pr. Listed at the Milan Stack Exchange, ITWay is the parent company of a group operating in the IT Sector, offering design, production and distribution of e-business solutions. The issue has a size of one million euro and it is the first one out of a 10 million euros program for the next 3-5 years, The notes mature next October 31st and pay an annual 4.2% coupon (see here the section dedicated to ITWay in the ExtraMot ProLink site). Co-arranger for the deal were BSI Merchant (advisor) and Unicasim (bookrunner)
Minibonds by Oxon Italia spa will be listed on the ExtraMot Pro starting from today. Established in 1970 to integrate upstream activity formulation and distribution of crop protection of the associate Sipcam, Oxon Italia is focused on agrochemicals products sector. The bonds will mature in 2021, pay a 5.5% coupon and is rated A3.1 by Cerved (see here the section dedicated to Oxon Italia in the ExtraMot ProLink site). The notes will be subscribed by Pioneer Progetto Italia fund managed by Pioneer Investments, and by Iccrea Banca Impresa, who is also co-arranger and advisor in the deal together with ADB – Analisi Dati Borsa.
Oxon Italia reached 160 million euros in revenues in 2014 (from 175.9 millions in 2013) and 14.7 millions of ebitda (from 15 millions). At the end of 2013 the company had a net financial debt of 58.9 million euros.
Finally, starting from today 1.2 million euros of new commercial papers by IT company ETT Solutions spa are listed on the ExtraMot Pro. The notes mature next December and pay a 5% annual coupon (see here the section dedicated to ETT in the ExtraMot ProLink site). Unique advisor, sponsor and arranger for the deal was Unicasim spa. This new issue follows 4 previous issues all listed at the ExtraMot Pro starting last December 2013. Three of those four had been reimbursed already.