Banca Ifis targets a turnover of 602 million euros by 2023 from the activities of NPLs and factoring (see here a previous post by BeBeez). The bank will buy distressed credits amounting to 8.5 billion euros and increase its clientele in the commercial and corporate banking segments, said the ceo Luciano Colombini while presenting the 2020 – 2022 business plan. The director pointed out that Banca Ifis will acquire secured and unsecured credits in the mid-term and also make more efficient the credit recovery procedure.
In 2019, Fire had asset under management for 20 billion euros and an above 48 million turnover (See here a previous post by BeBeez). Fire notably assisted Banca Popolare di Ragusa for the sale of Gacs-backed NPL portfolio. Alberto Vigorelli is the ceo of Fire, which aims to handle distressed credits, small tickets, and early warnings, a 70 billion worth market in Italy. Fire may also consider M&A transactions, launching an IPO or selling a stake to a trade buyer or a private equity.
Twelve banks that are part of Luigi Luzzatti concluded before the end of 2019 the securitization of an NPLs portfolio worth 826.7 million euros (See here a previous post by BeBeez). Banca Agricola Popolare di Ragusa, Banca di Credito Popolare, Banca Popolare di Puglia e Basilicata, Cassa di Risparmio di Asti, Cassa di Risparmio di Biella e Vercelli, Banca di Cividale, Banca di Piacenza, Banca Popolare Pugliese, Banca Popolare del Lazio, Banca Popolare del Frusinate, Banca Popolare di Fondi, and Banca del Sud sold their NPLs (58.6% of them are secured) to spv POP NPLs 2019 which issued 3 tranche of ABS notes: a senior (class A) for 173 million or 21% of the face value that received a BBB rating from DBRS and Scope Ratings and may have the GACS warranty; a mezzanine (class B) of 25 million or 3% of the face value with a CCC rating; a junior unrated tranche of 5 million. Rated notes make 24% of the face value. DBRS rated with BBB (sf) the senior tranche and with CCC (sf) the mezzanine.
At the end of 2019, Polish-listed debt servicer Kruk acquired two portfolios of distressed credits worth a face value of 133 million euros (See here a previous post by BeBeez). Intesa SanPaolo sold a 75 million portfolio of unsecured retail Utps, while an undisclosed credit serviced sold a 58 million portfolio of corporate credits. Since the end of 2015, Kruk acquired a total amount of 21 portfolios of Italian Npls with a face value in the region of 3.5 billion.
Istituto per il credito sportivo (Ics) sold to AMCO (fka SGA) a portfolio of distressed credits worth 47 million euros (See here a previous post by BeBeez). Andrea Abodi and Paolo D’Alessio are the chairman and the coo of ICS, for which this has been the first sale of NPLs. At the end of 2018, ICS distressed credits had a gross value of 291 million.
Phinance Partners, the structured finance of Enrico Cantarelli and Alessandro Mitrovich, carried on the securitization of three portfolios of unsecured Npls amounting to 100 million euros (See here a previous post by BeBeez). Phinance Partners created the spvs PES and POS. The first vehicle acquired 60.4 million of non-performing credits from the utility ACEA, while POS acquired non-performing credits from Banca Sella (28.3 million) and from BCC Credito al Consumo (8.2 million). Phinance Partners will invest in the shares that the SPVs will issue. A-Zeta Holding acquired part of the credits of ACEA and will act as special servicer. Sigla Credit will invest in the financial credits and act as special servicer.
Bper is about to sell Npls amounting to 1-1.2 billion euros (see here a previous post by BeBeez). These credits will have the Gacs warranty. Prelios is acting as servicer and Jp Morgan as arranger.
Hoist Finance carried on its first Italian securitization with investment grade rating for a portfolio of unsecured NPLs with a face value of 5 billion euros (see here a previous post by BeBeez). The portfolio includes corporate (42.6%) and retail (57.4%) loans, the spv Marathon SPV issued 337 million of asset backed securities in three tranches. Hoist Finance retained the senior notes (85% of the total amount) pay a 1.8% coupon and have a rating BBB (sf) from DBRS, Baa2 (sf) from Moody’s, and BBB+ SF from Scope. CarVal Investors subscribed 95% of the mezzanine and junior notes while Hoist retained 5% of them. The subordinated notes pay an IRR of up to 15%. Mezzanine notes have a rating B (sf) from DBRS, B1 (sf) from Moody’s, and BB SF from Scope, while junior notes are unrated.
P&G, an asset backed securities player, launched P&G Credit Management Uno, an investment vehicle for NPLs (See here a previous post by BeBeez). P&G received a 50 million euros portfolio of NPLs from five banks and Cofidi. P&G is also working on the launch of an Utp fund. Luca Peviani and Fabiana Gambarota founded P&G in 2004.
On 2 January, Siena Court accepted the receivership application of real estate player Sansedoni Siena, which belongs to Fondazione Mps (67%), Banca Mps (21.8%) and Unieco (11.2%) (see here a previous post by BeBeez). Sansedoni Siena aims to restructure its 165 million euros debts and carry on a recap with the support of British private equity Arrow Global and its Italian subsidiaries Europa Investimenti and Sagitta.
Amundi, the wealth and asset management unit of Crédit Agricole, is about to launch a private debt fund of at least 100 million euros with a focus on the Italian wine sector (see here a previous post by BeBeez). The fund will provide facilities with a 6 years tenure. Issuants will pay back the principal only at the end of the maturity when it will be possible to sell the bottled wine. Amundi is currently supporting Italian wine producer Moncaro, which has sales of 24.4million, an ebitda of 3.5 million, and a net financial debt of 18.2 million. Moncaro issued a minibond of 5 million that Amundi subscribed. In July 2013, Moncaro issued a 4.9 million bond with a 5.25% coupon and due to mature on 1 July 2018. In May 2015, the company issued a Milan-listed 5 million liability that received a B1.1 rating from Cerved and that Pioneer Investment Management (part of Amundi since December 2016) subscribed.
Cmd spa (Costruzioni Motori Diesel), an Italian producer of automotive components, received a 15.5 million euros facility from Intesa Sanpaolo, Banco Bpm, Mediocredito Centrale and Banca Imi (see here a previous post by BeBeez). Italian foreign trade insurer Sace provided the warranty. The company will invest these proceeds in developing the business units for energy and aviation. Cmd sold a 67% stake to Chinese-listed Loncin Motor in 2017. The company has sales of 31 million (unchanged yoy) and profits of 2.23 million (3 million). In July 2015, CMD issued a Milan-listed minibond worth 5 million, due to mature on 30 June 2020 and paying a 6.375% coupon. Pioneer Investments (part of Amundi since 2016) subscribed the facility. At the end of 2017, the bondholders deferred the maturity to 31 December 2021 and from 31 December 2017 lowered the coupon to 5%.
Isaia e Isaia, a Naples-based iconic high-end boutique fashion house, received a banking multi-tranche facility of 10 million euros from Banca Popolare di Torre del Greco, Iccrea, and Bppb (See here a previous post by BeBeez). Third-generation family member Gianluca Isaia is the company’s chairman and ceo and owns 16.92% of the business. The company has sales of 61.6 million, an ebitda of 9.1 million, and a net financial debt of 36.1 million. On 12 December 2019, Isaia e Isaia issued two Milan-listed minibonds of 7.5 million each, one with a 4.5% coupon and due to mature on 1 January 2027, and the other with a 5.2% coupon that will mature on 1 July 2027. In July 2015, the company issued 2 Milan-listed minibonds worth 7.5 million each that Anthilia Capital Partners subscribed
Cooperativa Esercenti Farmacia (CEF) issued two minibonds for a total amount of 35 million euros (see here a previous post by BeBeez). Such issuances are part of the public offer that the company launched on 23 December (ending on 31 March) for calling back its own bonds that will mature on 31 December 2019. One of the two new minibonds will be worth up to 20 million have a 5 years maturity and pay a 5.48% coupon. The other bond will have an up to 15 million value, will mature in 3 years and pay a 3.89% coupon. CEF, an Italian network of co-operative drug stores, has sales of 1.44 billion, an adjusted ebitda of 24.1 million, and a net financial debt of 252 million (306 million at the end of 1H19).
Centro Medico Sant’Agostino, an Italian network of hospitals of which L-Gam has a stake of 85% since December 2019, issued a 2 million euros minibond that Amundi subscribed (See here a previous post by BeBeez). The company will invest the proceeds of this issuance in its organic development. Luciano Balbo and Luca Foresti are the chairman and ceo of Centro Medico Santagostino.
At the end of December 2019, Blue Elephant Energy, a German renewable energy company, raised a project financing facility of 38.5 million euros from Bayern LB (See here a previous post by BeBeez). The company will invest such proceeds in refinancing a portfolio of photovoltaic plants based in Italy.
At the end of 2019, Febo, an Italian distributor of chemical products, raised a 3 million euros financing from Mps Capital Services (see here a previous post by BeBeez). The Ferretti Family founded the company in 1958. In November 2019, Febe acquired 60% of CGT Tecnopolimeri and rebranded it as CGT Febo Tecnopolimeri. Carlo Monti, the company’s chairman said that he’s still interested in acquiring technopolymers companies. Febo has sales of 159.3 million euros and an ebitda of 5.6 million.
Parco Eolico Stornarella (part of Gruppo Inergia), and Italian windfarm, borrowed 21 million euros from Ing Bank (ssee here a previous post by BeBeez). The company will invest these proceeds in the maintenance and development of the 20 MW farm. Ing Bank financed Inergia in October 2017 with a 32 million facility.
Gruppo Italiano Vini (GIV), an Italian wine producer that Cantine Riunite & CIV controls, raised a 10 million euros financing from Cassa Depositi e Prestiti (See here a previous post by BeBeez). GIV will invest such proceeds in its organic growth. The company generatesa broad 75% of its sales of 388 million.
Sea, a subsidiary of Repower Renewables, received from BNL a 3-lines project financing facility of 30.4 million euros (see here a previous post by BeBeez). The company will invest these resources in refinancing a 26 MW windfarm based in the South of Italy. Repower is a Swiss energy company listed on the OTC-X platform and belongs to EKZ (28%), Zurich Canton (22%), renewable energy investor UBS-CEIS (19%), AXPO (13%).
Be Charge, the smart mobility company that belongs to Be Power, raised a 25 million euros financing facility with a 10 years tenure from the European Investment Bank (EIB) (See here a previous post by BeBeez). In May 2019, Zouk Capital acquired 51% of Be Power from current 49% owner Building Energy, whose ceo Fabrizio Zago founded it in 2010 together with seasoned energy executives. In June 2014, Synergo raised its holding in the company to 32.2% through the subscription of a capital increase of 8.5 million. Be Charge will invest these proceeds in expanding its Italian infrastructures.
Värde Partners and construction company Borio Mangiarotti received a financing of 113.5 million euros from Intesa Sanpaolo and Banco Bpm for the real estate development SeiMilano (See here a previous post by BeBeez). In January 2019, Proiezioni Future, a joint venture that Borio Mangiarotti signed with Värde Partners at the end of 2017, sold to Orion Capital Managers the project for the construction of offices at SeiMilano. Orion will invest more than 100 million, while Borio Mangiarotti and Värde Partners will pour 250 million for building the residential units of SeiMilano.
EuroGroup Laminations, a subsidiary of EuroGroup, raised a financing facility of 80 million Yuan Renmimbi (10 million euros) from Cassa Depositi e Prestiti (see here a previous post by BeBeez). Cdp invested in such financing the proceeds it raised from the issuance of a 1 billion Yuan Renmimbi Panda Bond that carried on on 31 July 2019. Cdp previously provided Yuan Renmimbi facilities to Ufi Filters (5 million euros); Deutz Fahr Machinery, the Chines subsidiary of Italy’s SAME-Deutz Fahr (50 million euros); and to Fiamm Autotech (5 million euros). EuroGroup belongs to the Lori Family. The company reportedly attracted the interest of Ambienta, Tikehau, TowerBrook, and the club deal of Space Holding for a minority stake.
