From the beginning of the year to date, 76 transactions on NPLs for 28.7 billion euros GBV have been announced in Italy, after a 2019 in which 82 deals for just under 52 billion euros were announced and other 18 deals for a further 19.4 billion are coming in between the end of the year and the beginning of 2021. These are figures published in the BeBeez Report about the preliminary NPLs data for 2020 available to BeBeez News Premium subscribers (see here how to subscribe for just 20 euros per month).
Unicredit Leasing carried on a securitization of leasing NPLs worth 1.6 billion euros (see here a previous post by BeBeez). Unicredit Leasing will apply for the GACS warranty for the senior tranche of the abs notes. This is the first deal of this kind in Italy on leasing NPLs. Unicredit Leasing moved the credits to Relais SPV which issued notes due to mature in July 2040. Senior notes are worth 466 million and pay a floating rate coupon of 6M euribor + 150 bps (Baa2 from Moody’s and BBBsf from Scope). Mezzanine amount to 91 million and pay a floating rate coupon of 6M euribor + 950 bps. Junior notes are worth 10 million.
Credito Fondiario acquired the whole of Be Credit Management, a joint venture that the buyer signed with Be Finance in 2018 (see here a previous post by BeBeez). Credito Fondiario had an option for acquiring Be Finance’s 65% in three years. Elliott is the controlling shareholder of Credito Fondiario.
Prelios Innovation and Unirec signed a partnership for promoting BlinkS, a marketplace for distressed credits that Prelion promoted (see here a previous post by BeBeez).
BGS Club Spac, a vehicle that Milan-listed Borgosesia launched closed two capital increases for 4.3 million euros (See here a previous post by BeBeez). The firm announced a further capital increase of 4.7 million for making new acquisitions.
Negentropy Capital Partners, a company that Ferruccio Ferrara founded in 2009, acquired Fenice Holding, its subsidiary UNA and all the targets’s distressed credits (see here a previous post by BeBeez). UNA Hotels’ debt amounted to more than 300 million euros while sales are worth 80 million with an ebitda margin of 30%. Fenice’s credits amount to 91 million.
Parmacotto completed its receivership process two years earlier than scheduled (see here a previous post by BeBeez). Andrea Schivazappa is the company’s ceo. In 2018, Giovanni Zaccanti acquired the majority of Parmacotto which has sales of 100 million euros and generates abroad 70% of its turnover. At the end of 2016, the firm’s debt amounted to 100 million and lenders written off 46.2 million of it. In 2018, the Vitali Family acquired a minority of the business.
Veritas (Veneziana Energia Risorse Idriche Territorio Ambiente Servizi) issued and placed a Dublin-listed bond of 100 million euros (see here a previous post by BeBeez). Unicredit acted as ESG advisor. The liability will mature in 2027 and pay an annual interest of 3.25% (that may increase by 0.1% in 2024 if Veritas doesn’t meet ESG criteria). Institutional investors purchased tickets of at least 0.1 million. The company will invest the raised proceeds in its organic development. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Supernap Italia issued a Milan-listed bond of 63 million euros due to mature in December 2025 and with a coupon of 6 months euribor plus 375 bps (see here a previous post by BeBeez). Supernap Italia belongs to Supernap International (21.26%) and ACDC Holdings (78.74%). Supernap International is a partnership that Switch signed with ACDC Fund, which attracted the investments of Orascom TMT Investments and Accelero Capital. The company will invest the raised proceeds in its organic development. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Pro-Gest issued a 200 million euros secured bond that Carlyle subscribed in private placement (see here a previous post by BeBeez). The company will invest such proceeds in refinancing its debt and its organic development. Pro-Gest Group will issue bonds in one tranche of 90 million and another of 35 million due to mature in 2025 that Carlyle will subscribe by year end. Such issuances will refinance the debts of the subsidiaries Cartiere Villa, Lagarina and Tolentino. Carlyle committed to subscribe further bonds of Cartitalia worth up to 75 million that will be issued by the end of 2021 for supporting the company’s organic growth. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Amatec (previously called Ama) issued a 2 million euros minibond that Hedge Invest subscribed (see here a previous post by BeBeez). Amatec has a turnover of 7.9 million with an ebitda of 0.675 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Domori issued a 5 million euros Milan-listed minibond (See here a previous post by BeBeez). The minibond will mature in 6 years and pay an annual coupon of 3.75% with a 90% warranty from Mediocredito Centrale. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Brazzale received a 60 months direct lending financing facility of 5 million euros from Ver Capital (see here a previous post by BeBeez). The facility has an amortizing stricture with 18 months of preamortising with Sace’s warranty Garanzia Italia. Earlier in May, Brazzale issued a minibond of 8 million that Anthilia Capital Partners subscribed. Brazzale has sales of 222 million, with an ebitda margin of 7,6%. The company will invest the raised resources in its organic development. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Smemoranda Group and its controlling company GUT Distribution received a 5 million euros financing facility from Illimity (See here a previous post by BeBeez). The loan received the warranty from Fondo Centrale di Garanzia per le Pmi, has a 6 years tenure with an amortizing reimbursement structure. The company will invest such proceeds in its working capital and organic development.
