Equita Private Debt Fund II (EPD) attracted investment commitments for 31,5 million euros in a second closing of its fundraising reaching a total of 131.5 million euros raised ahead of a target of 200 million with a hard cap of 250 million (see here a previous post by BeBeez). EPD II attracted the resources of Fondo Italiano d’Investimento and the European Investment Fund while an undisclosed insurance company and a pension fund poured these last 31.5 millions in the fund. EPD II will provide senior unitranche facilities for private equity transactions, with tenures of 5 – 7 years and bullet amortising structure and already invested 42 millions (32% of the current commitments) with an expected return of 10%. In June 2020, EPD supported the club deal Astraco for the buyout of Crippa.
MPG Manifattura Plastica, an Italian packaging company, issued two minibonds for a total of 3.3 million euros (see here a previous post by BeBeez). One Milan-listed bond, issued on 18 February, Thursday, is of 1.8 million with a 4% coupon, is due to mature in February 2028 and has the warranty of Fondo di Garanzia per Pmi. Another Milan-listed minibond, issued on 3 March, Wednesday, is of 1.5 million with a 3.25% coupon and is due to mature in March 2028. Such issuances will refinance the debt of MPG. On 10 February, Wednesday, the company repaid a bond issued for 1.8 million with a 4% coupon supposed to mature in September 2024 issued in September 2017 that ConfidiSystema! subscribed. On 23 February, Tuesday, MPG repaid a a bond issued in September 2017 with a 3.6% coupon supposed to mature in September 2024 that Banca Cassa di Risparmio di Savigliano subscribed. On 31 March, Wednesday, MPG will repay a Milan-listed 0.6 million euros bond with a 3.6% coupon due to mature in September 2024. Invitalia is a minority shareholder of MPG which has sales of 17.37 million with an ebitda of 990k euros.
Fondo Italiano per l’Efficienza Energetica (FIEE), received a financing facility of 17.5 million euros from Banco Bpm (See here a previous post by BeBeez). FIEE 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 12 months for 110 euros per month.
Algebris Investments launched a platform for investing up to one billion euros in the securitization of Npls that Italian banks originate and have the warranty of real estate assets (see here a previous post by BeBeez). Algebris Npl Fund invested 10 million for the first securitization. Algos, a subsidiary of Algebris, will act as special servicer.
In 2020, AMCO had 34 billion euros of distressed secured and unsecured credits under management (+46% yoy) (see here a previous post by BeBeez). The portfolio includes 14 billion (42%) of Utps and expired credits and 20 billion (58%) of Npls, of which 26 billion (77%) are corporate credits.
Milan Court accepted the receivership application of Acque Minerali d’Italia (AMI) and set for 6 September, Monday, a meeting with the company’s creditor (see here a previous post by BeBeez). AMI belongs to the Pessina Family and owns the brands Norda, Sangemini and Gaudianello.Magnetar and Clessidra committed to subscribe a 50 million euros capital increase of AMI as soon as the creditors will accept the receivership proposal. The funds will take over 80% of the company for 48.5 – 50 million, while the Pessina Family will hold 20%. Clessidra made a binding offer for buying the unsecured credits of Banca Mps and/or BPER Banca with AMI and for a non-refundable conversion into an equity stake of the assigned receivables for an amount equal to 10% of the nominal value (not more than 0.75 million). Clessidra will invest 15 million in cash for the capital increase, after deducting the assignment of the above-mentioned claims. Magnetar will subscribe the capital increase for 35 million and own 56% of the business, while Clessidra will hold 24%. Senior creditors and Invitalia will get all their dues. AMI will reschedule its 15.8 million debt with Invitalia.
Pavia Court approved the receivership application of Italian bakery company Antico Forno a Legna (AFL) (See here a previous post by BeBeez). Italpizza invested 4.9 million for acquiring AFL which has sales of 10.5 million euros. 5 million di euro. The unsecured creditors will get 19% of the face value of their dues by 15 months after the receivership approval