Italy’s NPLs and private debt weekly roundup. News from Intercos, Arpinge, RiverRock, BPER Leasing-Sardaleasing, Banca Ifis, Creditis, Intrum, Prelios and more

Intercos, a third-parties producer of cosmetics that belongs to Dario Ferrari, L-Catterton, Ontario Teachers Pension Plan, and GIC, attracted two financing facilities of 30 million euros each from Intesa Sanpaolo and Unicredit(See here a previous post by BeBeez). Both the items have a tenure of 18 months and have the warranty of SACE. The facility of Intesa Sanpaolo is a Sustainability-linked Revolving Facility Agreement that aims to incentivize Intercos to reach sustainability targets. Intercos has sales of 713 million, an ebitda of 116 million with a net financial debt of 182 million.  

Arpinge, an investor in infrastructure and energy transition, raised a project financing facility of 43 million euros with the structure of an ESG sustainability linked loan from Intesa San Paolo, Banco BPM and BPER Banca (See here a previous post by BeBeez). Arpinge also created Parkinge, an investor in the parking sector.  

Delicius Rizzoli, an Italian food company that belongs to the eponymous family, attracted a 60-months 2 million euros sustainable loan from Crédit Agricole Italia (see here a previous post by BeBeez). The loan pricing will decrease if the company uses less plastic for its packaging process. Delicius will give the economic benefit to Worldrise, the charity that aims to protect the sea and its resources. Delicius has sales of 41.1 million, an ebitda of 1.1 million and a net financial debt of 4.3 million.  

Italian facility manager FSI, part of Fervo, receive a direct lending facility of 3 million euros from HI CrescItalia Pmi Fund, part of Hedge Invest (see here a previous post by BeBeez). The fixed rate, senior unsecured loan has a tenure of 5 years that included a pre-amortisation and will support FSI for carrying on acquisitions. Fervo belongs to its ceo Alessandro Belloni (51%) and to Rocco Ruggiero (49%) and has sales of 23.8 million with an ebtida of 0.7 million and a net financial debt of 1.15 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector. BeBeez is wishing you a happy summer.  

On 29 July, Thursday, started the placement of Pluribond Sviluppo Artigiano on Fundera, the crowdfunding portal that belongs to Frigiolini & Partners Merchant (FEP) (see here a previous post by BeBeez). The pluribond consists of single issuances due to mature in 72 months of the following companies: Arco-Cavi Group, Balan, Block Industrie, Demo Meko Technology, Nuove Energie, Panama Trimmings, and Project. Sources said to BeBeez that each minibond is worth 0.3-0.5 million euros for a total amount of 3 million.

San Siro Investimenti issued a bond for financing  that Malta-based MDC Astrolabe Sicav (a vehicle that launched MDC Investments and AQA Capital manages) subscribed (see here a previous post by BeBeez). SSI belongs to Vicom (51%), Vicom RE (34%) and Caladan (15%) and will invest such proceeds in developing the Milan-based spa facility Teatro delle Terme.  

EuroBRICO, a retailer of bricolage products, issued two minibonds of 3.3 million euros  each. One was subscribed by funds managed by Anthilia Capital Partners and benefits of a 90% guarantee by SACE  while the other has been subscribed by Tenax Capital (see here a previous post by BeBeez). Both bonds were structured by advisor and arranger C&G. EuroBRICO has sales of 107.9 million, an ebitda of 13.5 million (12.5% margin). Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector. BeBeez is wishing you a happy summer.   

Ellemme, an Italian real estate investor, started to place a 5 million euros minibond with a five-years maturity and a 6% annual coupon on Crowdfundme (See here a previous post by BeBeez). The bond will list on Vienna market and is only for professional investors. Ellemme already raised 0.31 million. Ellemme has sales of 4.5 million with an ebitda of 1.5 million and banking debts of 24 million. Modefinance, a companyh that TeamSystem controls, assigned the issuance a B3+ rating.  

Milan-listed Trendevice issued a 4 million euros minibond (see here a previous post by BeBeez). The liability will mature in 6 years and pay an annualized copupon of 5% with a biannual payment and an amortising repayment structure. The issue has a 90% warranty from the Mediocredito Centrale (MCC). Trendevice ceo Antonio Capaldo said that he will invest these proceeds in the development of a network of retail stores in franchising and the development of a C2C marketplace.  

MPG Manifattura Plastica issued a minibond of 1.5 million euros due to mature in July 2027 that Unicredit subscribed (see here a previous post by BeBeez). The Italian packaging company has sales of 14.5 million with an ebitda of 0.9 million. MPG previously issued a minibond of 1.8 million and another of 1.5 million.  

 Italian tyres distributor Olpneus issued a short-term minibond of up to 0.5 million euros due to mature on 28 July 2022 with a 4% coupon and placed it on Fundera (See here a previous post by BeBeez). The bond has a call option for the issuer and Mediocredito Centrale can provide a warranty upon request of the investors. Olpneus will invest the raised proceeds in refinancing a Milan-listed 0.35 million issue of October 2020 that was due to mature on 21 July 2021 and paid a 4.2% coupon. The company has sales of 41.5 million with an ebitda of 2.1 million and a net financial 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. BeBeez is wishing you a happy summer.  

Zenith Service carried on a securitization of commercial credits of RiverRock European Capital Partners and issued abs notes worth 20 million euros (see here a previous post by BeBeez). This transaction is part of the RiverRock Accounts Receivable Finance Strategy agreement that RiverRock signed with Workinvoice. RiverRock has resources of 200 million for such programme. The asset-backed notes will have only one class and institutional investors will buy them in private placement. 

In 1H21, the Italian marketplace for tax credits Crescita Italia generated a turnover of 18 million euros and my hit 50 million by the end of 2021  (see here a previous post by BeBeez). The company may list on Milan market by 2022. Angelino, Roberto and Samuele Molinaro founded the company in 2020.  

BPER Leasing-Sardaleasing carried on a securitization of 1.8 billion euros through Multi Lease AS, a vehicle manager is Zenith Service, part of Arrow Global (See here a previous post by BeBeez). Multi Lease will issue senior notes worth 1.321 billion and junior items for 475 million. The senior tranche will list on Dublin with a rating of A (high) from DBRS Morningstar and A from S&P. Both the tranches mature on 26 February 2047.  

Banca Ifis carried a securitization of 1.15 billion euros through the spv IFIS ABCP Programme (see here a previous post by BeBeez). This transaction is a revolving refinancing of a previous issuance due to mature in October and of the same amount. Sources said to BeBeez that the bank made such an issuance in October 2016 in two tranches. The senior tranche paid a rate of 3-months Euribor plus 150 basis points. The new securitization is due to mature in July 2024 and Banca Ifis carried it on through a private placement.  

Creditis Servizi Finanziari, the consumer credit company of which Chenavari Investment Managers acquired 80.1% from Carige in December 2017, carried on a securitization STS of 276 million euros (see here a previous post by BeBeez). The spv Brignole CO 2021 issued asset-backed notes due to mature in July 2036. DBRS and FitchRatings provided a rating for the notes A to E and X (from AA- to B). All notes are listed on Luxembourg stock market. 

Intrum Group acquired from Intesa Sanpaolo and BPER three NPEs portfolios worth 1.93 billion euros GBV (19.6% secured, 23.8% unsecured and 56.8% from leasing facilities) (See here a previous post by BeBeez). One portfolio is worth 225 million. Intesa sold the two others which amount to 1.1 billion and to 610 million.  

Prelios acquired the loan & facility agency and monitoring unit of Business Support (See here a previous post by BeBeez). The buyer integrated the asset with its majority-owned company Prelios Credit Agent whose coo is Roberto di Lauro.