No Result
View All Result
  • Private Data
  • Membership options
  • Login
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
Subscribe
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
Home DISTRESSED ASSETS

Trevi Finanziaria has 10 days left to sign a deal with Bain Capital Credit and raise banks’ consent to a standstill on debt

BebeezbyBebeez
September 5, 2018
Reading Time: 3 mins read
in DISTRESSED ASSETS, ITALY, PRIVATE DEBT, PRIVATE EQUITY
Share on FacebookShare on Twitter

Schermata 2018-09-05 alle 07.01.24Trevi Finanziaria Industriale spa stock dropped below the minimum prices of last June in the last few days closing at  0.297 euros yesterday on the Italian Stock Exchange for a 48.8 million euros market cap. While on ‘ExtraMot Pro the 50 million euros bond is still quoting 79 after having dropped more than 5 figures on Aug 10 when the company announced talks with Bain Capital Credit were going to take more time than expected.

Market is then rather cautions about the future of Trevi, a group active in subsoil engineering and in the drilling sector, which is controlled by the Trevisani family with a 32.73% stake and by Cdp Equity (16.85%).

By Sep 14 Trevi will say yes or no to Bain Capital Credit binding offer as last Aug 10 the group accepted to prolongue exclusive talks with the credit fund till that date (see here the press release).

Bain Capital Credit has been in talks with Trevifin since last Spring in order to subscribe a capital increase that might rescue the group as far as Trevifin signs a debt restructuring agreement with its lending banks (see here a previous post by BeBeez). Bain entered in exclusive talks at the end of July (see here the press release). Private equity funds have been studying Trevi’s dossier since last November when the group announced that it was taking action in order to strenghten its capital structure due to a too big debt burden (see here a previous post by BeBeez).

In the meantime Trevi’s lending banks are signing the standstill agreement that was discussed last July. They have time till next Sep 15 and lenders representing at least 93% of the financial debt are due to sign the agreement for this to be convalidated.

An agreement with banks is the first necessary step for Bain Capital Credit’s offer to be confirmed. Actually the fund has offered to issue a super senior loan to  Trevi spa and  Soilmec spa for a maximum of 100 million euros (so less than the 150 million euros previously offered, see here the press release). The loan would come together with a debt to equity swap in a measure to be decided on the basis of the effective needs that will be shown and all that would be done in the framework of a restructuring debt agreement  signed by the Milan Court on the basis of art. 182-bis of the Italian Bankrupcty Law (see here the press release).

Meanwhile last July 30 Trevi’s shareholders meeting approved a 400 million euros capital increase to be subscribed in cash for a maximum of 150 million euros and with debt to equity conversion for the rest (see here the press release).

Schermata 2018-09-05 alle 06.47.09

Trevi has postponed publication of Q3 2017, FY 2017 and Q1 2018 results but communicated last June that at the end of March its net financial position was up to 650 million euros from 619.4 millions at the end of 2017 (see here the press release).

Gateways to Italy

36Brains – Considering Cross-Border M&A? We stand as your partner for ESG, Reputational and Supply Chain Due Diligence

36Brains – Considering Cross-Border M&A? We stand as your partner for ESG, Reputational and Supply Chain Due Diligence

by Partner
November 9, 2023

La Scala Law Firm – Innovative Services for Banking, Finance and Corporates

La Scala Law Firm – Innovative Services for Banking, Finance and Corporates

by Partner
October 31, 2023

Di Luccia & Partners Executive Search – Senior Management for Private Capital Funds’ participated companies

Di Luccia & Partners Executive Search – Senior Management for Private Capital Funds’ participated companies

by Partner
September 1, 2023

Sign up to our newsletter

SIGN UP

Related Posts

PRIVATE DEBT

White & Case advises bookrunners on US$600 million notes issuance by Mersin International Port

December 8, 2023
FRANCE

Ember Completes Acquisition of H2O Innovation

December 8, 2023
PRIVATE EQUITY

OxFirst IP Valuation Supports $500+M Acquisition

December 8, 2023

ItaHub

Italy’s Supreme Court confirms: For the reimbursement of dividend tax paid by an Italian subsidiary to its UE-based parent no demonstration of actual payment is required

Italy’s Supreme Court confirms: For the reimbursement of dividend tax paid by an Italian subsidiary to its UE-based parent no demonstration of actual payment is required

October 31, 2023
Anti-money laundering, the system for reporting data and information on beneficial ownership in Italy is up and running

Anti-money laundering, the system for reporting data and information on beneficial ownership in Italy is up and running

October 27, 2023
Single Special Economic Zone, here are all details to catch new investment opportunities in Southern Italy

Single Special Economic Zone, here are all details to catch new investment opportunities in Southern Italy

October 9, 2023
Impaired loans, Valentini, Italy’s Deputy Minister of Enterprise and Made in Italy, at Banca Ifis event reassures: we have a market that works, we don’t want to upset it

Impaired loans, Valentini, Italy’s Deputy Minister of Enterprise and Made in Italy, at Banca Ifis event reassures: we have a market that works, we don’t want to upset it

September 25, 2023

Co-sponsor

Premium

Fintech, m&a on Italian-driven startups grows and platform brokerage increases. But venture capital raising is less than 200 mln euros in 32 rounds YTD. The Report of BeBeez

Fintech, m&a on Italian-driven startups grows and platform brokerage increases. But venture capital raising is less than 200 mln euros in 32 rounds YTD. The Report of BeBeez

November 29, 2023
Venture capital investments on Italian-driven startups and scaleups rise to just over 1 bn euros in 10 months. But this is still a long way from the over 2.5 bln figure in 2022

Venture capital investments on Italian-driven startups and scaleups rise to just over 1 bn euros in 10 months. But this is still a long way from the over 2.5 bln figure in 2022

November 13, 2023
Italy’s Supreme Court confirms: For the reimbursement of dividend tax paid by an Italian subsidiary to its UE-based parent no demonstration of actual payment is required

Italy’s Supreme Court confirms: For the reimbursement of dividend tax paid by an Italian subsidiary to its UE-based parent no demonstration of actual payment is required

October 31, 2023
Anti-money laundering, the system for reporting data and information on beneficial ownership in Italy is up and running

Anti-money laundering, the system for reporting data and information on beneficial ownership in Italy is up and running

October 27, 2023
Next Post

Italy's angels&incubators and venture capital weekly roundup. News from 360 Capital Partners and the equity crowdfunding platforms

Tikehau Capital enters the private equity business in Italy too. Appoints Roberto Quagliuolo ad head of activities

EdiBeez srl

C.so Italia 22 - 20122 - Milano
C.F. | P.IVA 09375120962
Aut. Trib. Milano n. 102
del 3 aprile 2013

COUNTRY

Italy
Iberia
France
UK&Ireland
Benelux
DACH
Scandinavia&Baltics

CATEGORY

Private Equity
Venture Capital
Private Debt
Distressed Assets
Real Estate
Fintech
Green

PREMIUM

ItaHUB
Legal
Tax
Trend
Report
Insight view

WHO WE ARE

About Us
Media Partnerships
Contact

INFORMATION

Privacy Policy
Terms&Conditions
Cookie Police
No Result
View All Result
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHub
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
Subscribe
  • Login
  • Cart

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In