Cuvée, the project that Amco launched together with Prelios for managing real estate UTPs, started its second stage. The Back2Bonis Fund actually acquired 400 million euros GBV of real estate corporate UTPs, including leasing positions, from Intesa Sanpaolo, UniCredit Leasing and Banco Desio which became subscribers in the fund (see here a previous post by BeBeez). The three banks joined as subscribers Amco, MPS, UBI Banca and Banco BPM which previously sold to the fund 450 million euros of real estate corporate UTPs. Back2Bonis aims to achieve a portfolio of 1.5 billion euros.
Illimity Bank set a fundraising target of 350 million euros for Credit & Corporate Turnaround Fund managed by its subsidiary Illimity sgr (see here a previous post by BeBeez). The fund will acquire corporate UTPs from banks for up to 50% – 75% of the fund’s resources and vendor banks will become subscribers in the fund. The remaining 25-50% of resources will be made by new finance raised from investors, with Illimity itself investing about 20% of the fresh resources. With new cash the fund will acquire corporate UTPs by cash or invest in equity of the target companies. Paola Tondelli is the managing director of the asset management company. illimity Bank also issued a Dublin-listed senior preferred bond of 300 million euros with a 3-years maturity, a 3.375% yield and a B rating from Fitch (see here a previous post by BeBeez). Bnp Paribas, IMI-Intesa Sanpaolo, Morgan Stanley and NatWest Markets acted as Joint lead managers. Corrado Passera is the ceo and founder of illimity.
Massimo Ferrero created Rosan Trust, a Jersey-based vehicle, for protecting from creditors his cinema production firms (see here a previous post by BeBeez). Ferrero moved Spettacolo Holding, the owner of 99.9% of Italian football team Unione Calcio Sampdoria, to Venice trustee Trust Services. The trust has resources of up to 33 million euros for supporting the receivership or restructuring plans of Eleven Finance, Farvem Real Estate and Abaco. Farvem Real Estate has losses of 0.562 million, a turnover of 2.85 million and debts of 40.57 million (4.23 million with the Italian tax authorities and 4.27 million with the pensions providers). Ferrerowill sell Rome-based Torre Spaccata buildings for restructuring its debt. Eleven Finance belongs to Ferrero’s daughter Vanessa and his nephew Giorgio and has banking debt of 47.7 million, tax debts of 25.4 million and an equity of minus 5.3 million.
Ancona Court issued a bankruptcy sentence for Indelfab (fka JP Industries) which had acquired the white goods unit of Antonio Merloni elettrodomestici at the end of December 2011 (see here a previous post by BeBeez). Giuliana Filippello, the judge in charge, rejected the company’s application for receivership.
Autostrade per l’Italia (ASPI) issued and placed a Dublin-listed bond of 1.25 billion euros with a maturity of 8 years and a 2.163% yield at maturity or a 250 bps spread over the mid-swap rate (see here a previous post by BeBeez). Aspi is reportedly holding talks for selling a stake of 88.06% to Cdp Equity, Blackstone and Macquarie. ASPI has sales of 4.1 billion, an ebitda of 710 million and a net financial debt of 8.4 billion.
UBS Asset Management’s European Infrastructure Debt Platform subscribed a private bond of 55 million euros for supporting Dws Alternatives Global Limited for the acquisition of Medipass (see here a previous post by BeBeez). KOS, an asset of Milan-listed CIR and F2i Healthcare sold the asset on the ground of an enterprise value of 169.2 million and an equity value in the region of 103 million. The first tranche of the bond amounts to 37.5 million and will finance the acquisition while the company will invest the remaining 17.5 milion in its organic development.
Heliopolis issued and placed a 4 million euros bond with the warrant of Fondo Centrale di Garanzia that Zenith sgr’s funds subscribed (see here a previous post by BeBeez). In Novembre 2017, Heliopolis had issued a 2 million minibond with a 7-years maturity that Finanziaria Internazionale Investments subscribed. Paolo Signoretti is the chairman and ceo of Helipolis that has sales of 4.5 million with an ebitda of 0.654 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Milan-listed Neosperience issued a 3 million euros minibond that HI CrescItalia PMI Fund, managed by Hedge Invest sgr, subscribed (see here a previous post by BeBeez). The company could increase the issuance for up to a further 3 millions by 31 December 2021. The bond has an amortizing structure and is due to mature on 31 December 2025 with a 5% coupon. MCC will provide a warranty of 1.2 million. Neosperience will invest such proceeds in acquisitions and its working capital. Dario Melpignano is the company’s ceo and chairman. Hedge Inves’s fund also subscribed a 2 million bond that Cividac issued (see here a previous post by BeBeez). Cividac has sales of 10.7 million, an adjusted ebitda of 0.810 million. HI CrescItalia PMI Fund, a subsidiary of Hedge Invest, is one of the investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo Version that includes the reports and the insight views of BeBeez News Premium.
Eco Eridania, an Italian waste management company, received a 35 million euros financing facility from a pool of banks (see here a previous post by BeBeez). Sace provided a warranty for the loan that Banco Bpm, Banca Popolare dell’Alto Adige, ING, Intesa Sanpaolo, and UBI Banca provided. Cinzia Cirillo is the cfo and boardmember of Eco Eridania of which Icon Infrastructure Partners owns the majority since June 2018. Andrea Giustini and his Family reinvested for a minority. In 2011, Fondo Italiano d’Investimento invested 10 million for a38.77% of Eco Eridania through the subscription of a capital increase and in 2014 sold its stake to Xenon Private Equity which became a shareholder of the company after having converted bonds. Since then Eco Eridania grew through acquisitions that financed through the issuance of bonds that funds subscribed in private placement. In November 2016, Eco Eridania issued a bond of 82.5 million that Muzinich European Private Debt and Pemberton subscribed in two tranches while the shareholders subscribed a capital increase of 20 million.
Sipcam Oxon received a financing facility of 35 million euros from the European Investment Bank (EIB) (see here a previous post by BeBeez). The company will invest such proceeds in its organic development. In 2019, Sipcam Oxon received a 90 million euros financing facility from Intesa Sanpaolo, Cdp, Bnl Gruppo Bnp Paribas, and Crédit Agricole Italia. In April 2015, issued a Milan-listed minibond of 8 million due to mature in 2021 and with a coupon of 5.5% that Pioneer Progetto Italia and Iccrea Banca Impresa subscribed. Before merging with Oxon in June 2018, Sipcam issued a Milan-listed bond of 15 million due to matured 2019 and with a 6.5% coupon. The company has sales of 477.9 million, an ebitda of 51.2 million, and a net financial debt of 154.6 million.
Europa Investimenti and Arrow Global are frontrunning in a white knight deal for Italian troubled shipping company Moby (see here a previous post by BeBeez). Vincenzo Onorato is the controlling shareholder and chairman of the target which has a debt of 560 million euros and also attracted the interest of Clessidra Restructuring Fund (CRF). The Onorato Family would keep a stake in the company. The company’s bondholders may get 30% of their dues out of the sale of assets if they accept. Ad Hoc Group reunites Moby’s lenders such as Soundpoint Capital, Cheyenne Capital, BlueBay, Aptior Capital, and York Capital. At the end of July, Moby made a proposal to reimburse its Luxembourg-listed bond at a price of 0,20 – 0,25 euros and extend by 10 years the tenure of its banking debt. Moby’s auxiliary equipments are of interest to sector entrepreneur Davide Calderan on the ground of a 40-70 million value.
Banca Sella sold to Phinance Partners a 24 million euros worth portfolio of retail unsecured Npl (see here a previous post by BeBeez). POS securitized the portfolio and a I crediti deteriorati sono stati venduti alla società di cartolarizzazione multi-originato Centotrenta Servicing will act as master servicer.