ReLife Group, an Italian waste management company that belongs to Xenon Private Equity, issued a bond of 265 million euros that Pemberton Asset Management subscribed (see here a previous post by BeBeez). The company will invest these proceeds in financing the buy of ItaIian competitor General Packaging and further acquisitions. ReLife Group has sales of above 250 million. Pemberton Asset Management is one of the investors that BeBeez Private Data, the Database that BeBeez developed with FSI, monitors (find out how to subscribe for only 110 euros a month).
Banca Finint and Elite, the private market arm of Borsa Italiana, is working on the launch of a basket bond for companies based in the South of Italy (see here a previous post by BeBeez). Such a basket bond will have a funding target of 150 million euros, with a first tranche of minibonds worth 30 million to issue after the summer.
Delphina Hotels & Resorts received a 5 million euros S-Loan (Sustainability Loan) from Intesa Sanpaolo (see here a previous post by BeBeez). For getting a reduction in the payment of interests, the company has to achieve two ESG targets: use renewable energy and hold environmental training sessions for the employees. Delphina belongs to Salvatore Peru (40%), Francesco Muntoni (40%) and Marco Muntoni (20%). The company has sales of 71.7 million, an ebitda of 5.4 million and net cash of 3.9 million.
Italian e-vendor of cars brumbrum received from Banca Privata Leasing a credit line of 5 million euros for its securitization vehicle brumbrum Rent spa that previously raised 65 million (see here a previous post by BeBeez). Paolo Caroli is the ceo of Banca Private Leasing. The spv brumbrum Rent spa issued 50 million of senior notes that Oaktree Capital Management and P&G subscribed and 15 million of junior notes that brumbrum subscribed.
Gruppo Industriale Undo, an Italian clean energy and precision engineering company, raised a bridge financing facility of 20 million euros from MPS Capital Services (see here a previous post by BeBeez). Undo will invest such proceeds in financing the acquisition of 9 spv (Special Purpose Vehicle), the owner of Italy-based photovoltaic plants with a total power of 8MWp, through its subsidiary SunBerserker. The facility is of 15 million debt and 5 million of new capital that the shareholders poured. Undo launched a beauty contest for a refinancing of 35 million.
Emiliana Conserve società agricola (Emiliana) issued a sustainability linked minibond of 8 million euros with the warranty of SACE that Unicredit subscribed (see here a previous post by BeBeez). The company signed an Interest Rate Swap ESG agreement that may reduce the fixed rate of the bond on the ground of the achievement of sustainability indicators. Emiliana Conserve has sales of 75 million euros (68.5 million in 2019), an ebitda of 6.2 million (4.6 million), net profits of 1.4 million (0.396 million), and a net financial debt of 19 million (29.7 million).
Gianfranco Buonomo joined Riello Investimenti Partners (see here a previous post by BeBeez). Buonomo previously worked for EY corporate finance. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector. Riello is one of the investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month)
Workinvoice and RiverRock signed an agreement for investing in Italian companies the resources raised through RiverRock Accounts Receivable Finance Strategy (RARFS) (see here a previous post by BeBeez). RiverRock will acquire the credits available on Workinvoice, for better managing the working capital of the SMEs. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Stevanato, an Italian producer of packaging for the pharmaceutical sector, filed with US regulator SEC an application for listing on NYSE on the ground of an enterprise value of 7 billion US Dollars (See here a previous post by BeBeez). Stevanato has sales of 662 million euros and an ebitda of 157 million. Stevanato may price 40 million shares at 21 – 24 Dollars each (960 million US Dollars market capitalization). The Stevanato Family will sell 12 million shares, while the company will issue 28 million shares through a capital increase at 24 Dollars per share for a total of 672 million. In June 2020, Stevanato signed a private shelf-facility agreement with Pricoa Capital Group, part of Prudential Financial, for issuing bonds worth 125 million US Dollars.
Attilio Carmagnani (AC), a trading and storage company of chemical products, placed on Fundera a short term minibond of 500k euros (see here a previous post by BeBeez). The minibond has an annual gross yield of 4%, it is due to mature on 7 April 2022 and received a warranty from MCC for 90% of the issuance. The issuant has a call option for an early repayment with a reward for the investor. AC has sales of 24.7 million, an ebitda of 2 million and a net debt of 7.4 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Andrea Enrìa, the head of the surveillance board of the ECB, said that the European banks must still be vigilant about the distressed credits despite their NPE ratio improved (see here a previous post by BeBeez). Enrìa made the opening speech about NPE market in a changing world for CVSpringDay, an event for which BeBeez acted as media partner. The BeBeez Insight View of 31 May, Monday, available for the subscribers to BeBeez News Premium said that in 1Q21, the six main Italian banks posted NPEs for 61.5 billion euros.
WRM Group sold to Milan-listed illimity a portfolio of green energy NPLs with a face value of 83 million euros with photovoltaic plants with a power of above 45 MWp as a collateral (see here a previous post by BeBeez). Wrm sold the portfolio of Luce spv to Spicy Green, the securitization vehicle that illimity created together with Vei Green. After such a transaction, Spicy Green achieved its first investment target of 100 million (Net Book Value or NBV).
Sankaty European Investments, a company that Bain Capital Credit controls, raised to 13.58% its stake in Milan-listed NPE credit manager doValue, after acquiring 2.5 million shares of the company at 9.03 euros each (see here a previous post by BeBeez). Sources said to BeBeez, that Sankaty took advantage of the low market capitalization of doValue back in April 2020 when it acquired a 10% stake just a few weeks after the stock touched its historical low at 4.92 euro per share.
Sergio Bommarito replaced Alberto Vigorelli as ceo of Fire Group, an Italian credit servicee (See here a previous post by BeBeez). Vigorelli previously worked as chief risk officer of UniCredit Leasing, Deputy Head of Distressed Asset Management and Chief Risk Officer of Unicredit, and as director of the bank’s Reoco. Bommarito was the executive chairman of Fire.
Canepa, an Italian silk producer, received a financing rescue facility from AZ Eltif Capital Solutions of Azimut Investments that Muzinich & Co. (fka Springrowth Capital) manages (see here a previous post by BeBeez). The Italian Fund for protecting employment will acquire a minority of Canepa which has sales of 35.75 million euros and an ebitda of minus 7.7 million.
The Italian Supreme Court said that Reggio Emilia Court and not Bologna must rule about the troubled Italian charcuterie producer Ferrarini (see here a previous post by BeBeez). The court accepted the company’s request. Ferrarini has debt in the region of 360 million euros.
Grancasa, an Italian furniture producer that belongs to the Morosi Family, hired EY as it is looking to sign a white knight deal with a restructuring fund (see here a previous post by BeBeez). The company attracted the interest of Oxy Capital and Pillarstone Italy. The company’s lenders may sell their credits to investors in UTPs corporate. Grancasa has banking debts of 120 million euros. In 2018, the company received credit lines for 100 million from Banco BPM, Intesa SanPaolo and UBI Banca.
