Inter Media and Communication, the media company of Milan’s Inter soccer team, placed a 75 million euros bond (see here a previous post by BeBeez). In December 2017, Inter issued a Luxembourg-listed senior secured bond maturing in 2022 with a 4.875% coupon. The new bond will form an unified class with this issuance of 2017 which refinanced the 208 million debt (maturing on 1 July 2019) of the Italian football team with Goldman Sachs.
Unico La farmacia dei farmacisti signed a reverse factoring agreement with Unicredit Factoring and another with Supply Chain Fund of Groupama am (See here a previous post by BeBeez). Unicredit Factoring will acquire invoices from Unico for up to 9 million euros. The Supply Chain Fund managd by Groupama am sgr will make revolving purchases of invoices of the suppliers and provider of logistic services of Unico, which will get a further 30 days deadline for its due payments. Sources said to BeBeez that such agreement is for invoices annually worth 30 million euros.
Since its activity started in 2017 and till June 30, Credimi, the platform for invoice financing and lending to SMEs, issued facilities amounting to 1.053 billion euros (see here a previous post by BeBeez). Credimi’s growth is due to the partnership it signed with bespoke Italian banks.
Gruppo Meter, an Italian producer of industrial components, received a direct lending financing facility of 12 million euros from Green Arrow Private Debt Fund (see here a previous post by BeBeez). Earlier in June, Cassa Depositi e Prestiti provided the company with a 40 million renmimbi (5 million euros) facility out of the resources of on billion renmimbi of the Panda Bond. Gruppo Meter has a turnover in the region of 62 million euros with an adjusted ebitda of 8 million.
Gruppo EdiliziAcrobatica issued a minibond of 10 million euros that Intesa Sanpaolo will subscribe within the Elite basket bond programme (see here a previous post by BeBeez). The bond will mature in 7 years and pay a fixed rate coupon of 3.3%. In September 2017, GEA previously issued two Milan-listed bonds: one for 3 millioni with the Innovfin-EIF warranty and a 4.4% coupon and another unsecured for 2 million with a 5% rate. Iccrea BancaImpresa subscribed the issuance. EdiliziAcrobatica has sales of 41.8 million, an ebitda of 4.2 million and a net financial debt of 2.7 million. Riccardo Iovino is the company’s founder and ceo.
Sace, ABI and Aifi announced on 3 August, Monday, the start of operations also for “Garanzia Italia” debt securities. (see here a previous post by BeBeez). Sace guarantee will now also cover parties who subscribe to bonds or other debt securities issued by SMEs with a rating of at least BB- or equivalent.
Davia issued a Milan listed callable minibond for 0.5 million euros (see here a previous post by BeBeez). The issuance will mature on 31 maggio 2021, Fondo di Garanzia per le pmi provided a warranty for 90% of the amount. The bond pays a 3.8% coupon opzione call. Davia has sales in the region of 18 million with an ebitda of above 1.6 million.
Bank of America Merrill Lynch carried on the securitization for a financing facility of 100 million euros of Eurolog Italy through Taurus 2020 spv which purchased 99.5 million out of the facility A of the credit line that amounts to 104.7 million and that is part of loans worth in total 141.7 million (see here a previous post by BeBeez). Taurus issued partly-paid notes for above 100 million maturing in 2024
Alma Petroli, an Italian oil company, issued a 10 million euros minibond that Unicredit subscribed (see here a previous post by BeBeez). The issuance has a tenure of 72 months and received a 50% warranty from Fondo Centrale di Garanzia. Alma Petroli will invest the raised proceeds in its organic development. The company has sales of 104.7 million with an ebitda of 11.8 million.
Icop, an Italian contractor, issued a Milan-listed minibond of 10 million euros that could increase to 15 million by 30 June 2021 (see here a previous post by BeBeez). Banca Finint and Banca Sella subscribed the issuance that will mature on 30 June 2026 and pay a 4.95% coupon with an amortising structure from mid 2022. ICOP will invest such proceeds in its organic development. The company belongs to third-generation owners Piero, Vittorio and Paolo Petrucco and Friulia which paid 4 million for a 27.27% of the business in 2015. ICOP has sales of 152 million, an ebitda of 13.2 million and a net financial debt of 44.2 million. Between January and April 2017,the company placed two minibonds for 12 million.
On 31 July, Friday, Futurasun, an Italian producer of photovoltaic modules, issued a Milan-listed minibond of 1.5 million euros due to mature in 2025 and paying a gross fixed rate coupon of 4% (see here a previous post by BeBeez). Futurasun will invest such proceeds in its organic development. The company belongs to Alessandro Barin (43.5%), Xu Ning (43.5%), Mauro Bon (7%) and Stefano Simonetto (6%) and has sales of 26.2 million euros with a net debt of 3.25 million.
Azzurra Aeroporti, a subsidiary of Milan-listed Atlantia, issued a Dublin-listed senior secured bond of 660 million euros (See here a previous post by BeBeez). The bond has two tranches: one of 360 million due to mature on 30 May 2024 that pays a 2.125% coupon, and another of 300 million maturing on 30 May 2027 with a coupon of 2.625%. The issuance received a Baa3 rating with negative outlook from Moody’s. The company made such issuance for refinancing a senior secured banking credit facility of 653 million due to mature in November 2021.
The European market for distressed credits is upticking, especially in Italy and Greece, said a report that BeBeez received in advance from Debtwire (See here a previous post by BeBeez). In 1H20, investors closed 89.8% of transactions worth 30.4 billion euros (41.8 billion in 1H19) in Italy (18.2 billion) and Greece (9.1 billion).
ABI, the association of Italian Banks and Cerved, expect distressed Italian corporate credits to increase leass than expected, due to the peculiarity of the turmoil related with the coronavirus (see here a previous post by BeBeez). The downturn is temporary and will be of 4% – 4.6% in 2021.
Antico Forno a Legna is in receivership (see here a previous post by BeBeez). Antico Forno a Legna has sales of 10.5 million euros. The company will pay 19% of its unsecured debts.
UBI may sell by the end of September a porfolio of distressed corporate credits amounting to one billion euros instead of the previously reported 800 million, said ceo Victor Massiah who will resign from the role after the succesful takeover offer of Intesa Sanpaolo (see here a previous post by BeBeez). After such sale, UBI’s NPE ratio will amount to 6.4%.
Aquileia Capital Services, a servicer that belongs to Bain Capital Credit, acquired from lending banks the Utps of Consorzio Operativo Valpolcevera, a real estate consortium that signed a debt restructuring agreement (see here a previous post by BeBeez). Aquileia carried on a securitization with Spice spv.
Giovanni Bossi, the former ceo of Banca Ifis, aims to integrate his firm Cherry 106 with Banco delle Tre Venezie (BTV fka Cassiopea NPL), a company of which he owns 65% (See here a previous post by BeBeez). Sources said to BeBeez that Bossi and the other shareholders of Cherry 106 will have 51% of BTV once completed the merger.
In 2Q20, the amount of distressed credits for Intesa Sanpaolo stands at 29.9 billion euros (30.2 billion in 1Q20) with a substantially unchanged NPE ratio of 7.1% (See here a previous post by BeBeez). The bank achieved 90% of the target for the reduction distressed credits as the 2018-2021 business plan foresees.
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