Rome Court accepted the receivership application of Mare Nostrum Romae, the company that belongs to Domenico Ricciardi and aims to build Acquario di Roma Sea Life, a theme park based in Rome (see here a previous post by BeBeez). Merlin Entertainment, the owner of Gardaland, will manage the park. KIRKBI (the investment holding of the KristiansenFamily that has 75% of Lego), Blackstone and Canadian Pension Plan Investment Board delisted Merlin from the London Stock Exchange in November 2019. The total building costs for Mare Nostrum Romae amount to 90 million euros. Unicredit, Intesa Sanpaolo and MedioCredito financed the project.
The majority of the creditors (58.32%) of Milan-listed troubled contractor Astaldi accepted the company’s restructuring plan (see here a previous post by BeBeez). The European Commission accepted Salini Impregilo’s acquisition of a controlling stake in Astaldi as it doesn’t raise antitrust issues. This transaction is part of Progetto Italia, an aggregating pole of Italian contractor for which Salini Impregilo and Cdp act as industry leader and anchor investor. Salini Impregilo will rebrand as Webuild once acquired Astaldi. Unicredit, Intesa Sanpaolo and Banco Bpm will provide further support.
Moby, the troubled Italian shipping company, is holding talks for the sale of its auxiliaries (See here a previous post by BeBeez). The asset attracted the interest of sector entrepreneur Davide Calderan. The asset is worth 40-50 million euros and Moby will invest such proceeds in improving its cash. The company belongs to the Onorato Family. Moby is still discussing the restructuring of its debt with Ad Hoc Group, the association of hedge funds that invested in the company’s debt. The list of Moby’s bondholders includes hedge funds Soundpoint Capital, Cheyenne Capital, and York Capital. The firms acquired more than 50% of Moby’s Luxembourg-listed bond. In 3Q19, Moby’s cash was worth 56.2 million (89 million in 2Q19, 125.5 million in 3Q18).
European Tyres Distribution Limited, the European tyres distributor of Bain Capital that in Italy owns Fintyre, may carry on a restructuring of its debt (see here a previous post by BeBeez). In 2018, ETDL posted sales of 1.1 billion euros (425 million with Fintyre) and a net financial debt of 270 million. Bain Capital acquired Fyntire in March 2017 from BlueGem Capital and financed the transaction with a PIK (payment-in-kind) bond of 130 million issued in April 2017. Fintyre also subscribed a revolving credit line of 30 million. The company also issued an unitranche debt facility of 40-60 million that GSO Capital Partners (Blackstone Group) subscribed in 2015.
Scarpe & Scarpe, the Italian shoe and apparels retailer, sent a receivership to Turin Court (See here a previous post by BeBeez). The company will not generate 50 million euros of revenues because of the turmoil related to the coronavirus. In 2018, Scarpe e Scarpe posted sales of 273.3 million, an ebitda of 15.23 million and a net financial position of 59.3 million.
Unicredit is trying to accelerate the sale of Npl portfolios Tokyo (almost one billion euros of unsecured Npls), Lisbona (one billion), New York (in the region of 700 million of Npls), and Loira (in the region of 250 million of consumer credits) (See here a previous post by BeBeez). Unicredit’s ceo Jean Paul Mustier said in December 2020 that the bank’s non-core distressed credits would have amounted to less than 9 billion at the end of 2019 and to below 5 billion at the end of 2020, while the rundown of the whole non-core portfolio will take place by 2021. Unicredit’s non-core gross distressed credits for 2019 amounted to 8.6 billion.
Illimity acquired distressed single name distressed credits amounting to 73 million euros (see here a previous post by BeBeez). An undisclosed bank and an investor in non-performing loans sold the portfolio. Illimity also provided a senior financing facility of 11 million to an investor in Utp corporate credits. The loan has the warranty of Utp corporate secured credits. Andrea Clamer, the head of Illimity’s distressed credit investment & servicing unit, said to BeBeez that he didn’t expect sucn an increase of sales of NPL portfolios from banks.
Zetland Capital Partners, a London-based investor in distressed assets, subscribed the shares of a securitization of NPLs and UTPs that a pool of Italian co-operative banks carried out through the spv Catullo (see here a previous post by BeBeez). Iccrea BancaImpresa (banca capofila), Banca Prealpi Sanbiagio and Cassa Centrale Raiffeisen dell’Alto Adige sold to the spv their credits with a face value of 18 million euros and all the underlying assets. The spv will issue shares with a partly-paid structure for up to 200 million. In December 2019, Zetland raised 372 million for Zetland Special Situations Fund, above an initial target of 300 million.
Stefano Scopigli, the president of the Observatory T6, an association that studies the NPL trends and the judicial executions of bankruptcy auctions, suggested to unlock the “cash in court” accounts (the money that are still in the Courts accounts after the sale of assets through auctions) (See here a previous post by BeBeez). Scopigli also suggested to suspend the fees payments for advertising on the Portal for Public Sales (Portale delle Vendite Pubbliche) and to reintroduce the subsidized tax for the sales through auctions.
The Garanzia Campania Bond (GCB), the basket bond programme of the Regione Campania for supporting the local SMEs for which Cassa Depositi e Prestiti (CDP) and Mediocredito Centrale acted as anchor investors (See here a previous post by BeBeez). Eight SMEs carried on the first issuance has been of 21.5 million euros. The issuances of the programme amount to 148 million, while 124 SMEs expressed interest in joining GCB. Cdp and Mediocredito Centrale subscribed 50% each of the programme. Citel Group, Coelmo, Italia Power, La Tecnica nel Vetro, Pinto, Protom Group, Sciuker Frames, and Spinosa have been the first issuants and will invest the proceeds in their organic development. The Regione Campania will provide a guarantee of 25% of the total amount. Further to GCB, the region will provide the following 150 million worth facilities for SMEs: Garanzia Campania Confidi for MSMEs, Garanzia Campania Sezione speciale Mediocredito Centrale, and FRI Campania, for which the Region and CDP will support productive investments in the region with the disbursement of grants and subsidized financing facilities for the construction of productive plants in Campania. Sign up here for BeBeez newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Frigiolini & Partners Merchant and its equity crowdfunding platform Fundera started the activity of basket bond programmes Pluribond Liquidità Immediata and Pluribond Riparti Italia! aimed at supporting the SMEs for the coronoavirus emergency (See here a previous post by BeBeez). Fundera will place the bonds, while Frigiolini & Partners Merchant will structure them as advisor and arranger. The firm is already conducting a prescreening for the first 50 applicants. The issuances part of the programme of Liquidità Immediata include short term minibonds (less than 12 months term) and short term extended (less than 24 months term) worth 0.1 – 1 million euros that will support the working capital of the SMEs. Caseificio 4 Madonne, an Italian manufacturer of dairy products, joined the programme Liquidità Immediata. On 3 April, Friday, the company placed a 0.2 million Milan-listed minibond due to mature in 12 months and paying a 3.5% coupon. The company asked to issue bonds of 0.1 million for up to 1 million.
Soleto, an Italian tlc company, issued an unsecured minibond of 8 million euros with two tranches, one for 5 years and another of 6 years (see here a previous post by BeBeez). Unicredit, PMI Italia and Banca Finint subscribed the bond. Soleto has sales of 63 million, an ebitda of 4.8 million, and a net financial debt of 10.7 million. Sign up here for BeBeez newsletter about Private Debt and receive all the last 24 hours updates for the sector.
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