Zephir Capital Partners is launching a vehicle for investing in corporate UTPs and acquiring from banks distressed credits worth one billion euros after having raised 100-200 million from investors (see here a previous post by BeBeez). Lenders will take stakes of the fund and Duke&Kay, a network of consultants for the restructuring sector, will help to manage the fund. Maurizio Ria, managing director of Duke&Kay, and Massimo Racca, the ceo of GGH – Gruppo General Holding (the holding of Generalfinance), launched the fund. Ria and Racca will receive the support of Massimo Brunelli, Francesco Di Giovanni, Federico Pastura, and Romolo W. Rossi.
Astolfo and Alessio Di Amato, the legal advisors of  Astaldi (the troubled Milan-listed construction group) Bondholders Committee (ABC),  sent a note to the judge in charge of assessing the company’s restructuring plan, the commissioners, and to Tiziano Onesti, the sole representative of the firm’s creditors (see here a previous post by BeBeez). The legal advisors say that the restructuring plan is unfair for the unsecured creditors. The majority (73.2%) of investors in Astaldi’s 750 million euros senior notes (2020 maturity and 7.125% coupon) reportedly rejected the company’s proposal for restructuring. Astaldi’s unsecured debts amount to 3.5 billion, (2.2 billion with banks and bondholders.
Ambienthesis, a Milan-listed land reclamation company, placed a Milan-listed minibond of 8 million euros (see here a previous post by BeBeez). Intesa Sanpaolo subscribed the bond and securitize it as part of the Elite basket bond programme of the bank. The bond will mature in 7 years with an amortizing structure and pays a 3.3% annual coupon. Ambienthesis ceo is Damiano Belli. The companies that already joined Intesa Sanpaolo and Elite Basket Bond are Ledoga, a producer of vegetal tannin that is part of Gruppo Silvateam; Gruppo Illiria, Sigma, Gruppo Cittadini dell’Ordine, and M-Cube, an Italian provider of audiovisual marketing solutions that belongs to HLD Europe, joined the basket bond programme. Ambienthesis has sales of 82 million, net profits of 3.17 million, and net cash of 1.36 million. Sign up here for BeBeez newsletter about Private Debt and receive all the last 24 hours updates for the sector. See here a roundup of BeBeez latest news about basket bonds.
Manageritalia Campania proposed the issuance of solidarity minibonds for helping the Campania region to face the turmoil related to the coronavirus (see here a previous post by BeBeez). Investors may subscribe these minibonds and receive payments through an online platform. Such bonds could be worth between 100 and 1,000 euros, pay an annual coupon of 2% and mature on 31 December 2024. The suppliers of healthcare items and services may receive a further bonus for subscribing such bonds. The reimbursement of the principal and of the coupons should take place in the form a tax credit. Sign up here for BeBeez newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Generali’s International fund for facing the emergency related to the coronavirus will act as anchor investor for Credimi’s securitization vehicle Italianonsiferma and subscribe 10 million euros of the junior tranche (see here a previous post by BeBeez) Banca Generali recently structured for its professional clients a specific investment product based on the loans available on Credimi. The bank will distribute the product to its professional clients with the aim of quickly channelling Italian private savings to support the real economy for a total amount of 100 million. This operation will bring in a few weeks 100 million euros to several Italian SMEs in the form of a 5-year loan with the warranty of the Guarantee Fund. The companies will start to repay the principal they borrowed only after 15 months, starting from September 2021, and will be able to use these resources, disbursed in a forced closure phase, to prepare for recovery.Â
On 31 March, Illimity said to its shareholders and investors that it can handle the impact of the coronavirus on its business (see here a previous post by BeBeez). The bank said that it priced its investments in the frame of stress scenarios and it also carry on a conservative estimate for the profitability of its senior financing portfolios. Illimity is also reviewing the timing for cashing the proceeds of its current portfolios. In general, the bank has a 15% exposure to those sectors more sensitive to the coronavirus emergency.
Fondo di Credito Diversificato per le Imprese, the direct lending fund that Muzinich & Co manages through Springrowth, carried on its final closing at 417 million euros (see here a previous post by BeBeez). In November 2018, the fund raised 210 million, while in 2017 Cdp and the European Investment Fund signed anchor investor commitments amounting to 50 million each. George Muzinich, the ceo of Muzinich & Co, and Gianluca Oricchio, a managing director of Muzinich & Co. and ceo of Springrowth said that the fund aims to support the Italian mid-caps. Filomena Cocco is the chairman of Springrowth.
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