Eleuteria, a fund for investing in UTPs launched by Prelios sgr together with Luzzatti scpa, a company gathering a group of italian local banks, bought a first tranche of UTPs corporate credits from banks worth 70 million euros GBV (see here a previous post by BeBeez). Eleuteria set a fundraising target of 250 million euros to invest in the credits or the notes that spv issue. Sources said to BeBeez that Banca di Credito Popolare, Agricola Popolare di Ragusa, Popolare Pugliese, Blu Banca (Gruppo Banca Popolare del Lazio), Banca Popolare di Fondi, Banca Popolare di Lajatico, Banca Popolare di Puglia e Basilicata, Banca Valsabbina, and Banca Popolare Sant’Angelo (some of the banks that are part of Luzzatti) swapped UTPs with stakes of the fund.
Unicredit sold to Kruk Italia, a subsidiary of Warsaw-listed Kruk, a portfolio of secured and unsecured Npls worth 222 million euros (see here a previous post by BeBeez). In 2022-2024, Unicredit reportedly aims to improve its CET1 ratio target by 12,5-13%, with a median organic capital generation of 150 bps and a net NPE ratio of 1.8%.
Sources said to BeBeez that AnaCap Financial Partners, a British private capital investor, acquired two NPLs portfolios worth above 60 million euros from the spvs Devar Claims and Overlord through the vehicle Tiberius(See here a previous post by BeBeez).
MCE Locam, an Italian provider of consumer finance that belongs to Seer Capital, rebranded as MCE Finance and appointed Vincenzo Giacomini as ceo (See here a previous post by BeBeez). The company also spun off its Npl unit.
Exacta (fka Team Group), a credit management firm of which Eulero Capital has a stake since 2020, purchased from UK’s Arrow Global a portfolio of multioriginator mainly unsecured Npls with a face value of one billion euros (See here a previous post by BeBeez). The company carried on the sale through the securitization vehicle SPV Project 2016 that sold senior asset backed notes to Banco Azzoaglio and the junior tranche to Team Evolution which belongs to Exacta (51%), while chairman Stefano Inguscio and ceo Carlo Palla have 49%. Roberto d’Angelo, Filippo Bruno and Gianfranco Burei founded Eulero Capital in 2020 together with Futura Invest (a joint venture that Fondazione Cariplo signed with Fondazione Enasarco, H-Invest, a vehicle of the Doris Family) and other families.
IBG, a distributor of the soft drinks of PepsiCo and Neri in the South of Italy, issued a 7-year green minibond of 7 million euros that Unicredit subscribed (See here a previous post by BeBeez). UniCredit will charge the company with a lower interest upon the achievement of ESG targets. This issuance is part of the Bond Food Mezzogiorno programme that Unicredit launched in October 2021 for allowing midmarket firms based in the South of Italy to implement ESG strategies. IBG has sales of 106.5 million, an ebitda of above 9.2 million and a net debt of 18.7 million. Rosario Caputo heads the company. IBG will invest the proceeds of the minibond in implementing ESG strategies. Moak, Cantine Ermes, Caseificio Palazzo, Gustibus Alimentari, De Martino, Mangimi Leone, Almeda, Leone Group, Fattorie Garofalo, and Bibite Polara already joined the Bond Food Mezzogiorno for which Sace provides the warranty for the issuances. Sources said to BeBeez that the programme has not a plafond. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Tesisquare, an Italian software developer, issued a six-year minibond of 3 million euros that Unicredit subscribed (See here a previous post by BeBeez). Tesisquare has sales of 37.3 million and an ebitda of 4.2 million and will invest the raised proceeds in its international expansion.
Credito Fondiario acquired and merged fintech factoring firm Fifty, a company that Michele Ronchi founded in 2014 (See here a previous post by BeBeez). Fifty has revenues of 0.647 million euros and an ebitda of 72,000 euros.
Italian football club FC Inter hired Goldman Sachs for refinancing its 375 million euros bond with a 4.875% coupon that is due to mature on 31 December 2022 (see here a previous post by BeBeez). Inter will issue another 425 million 5-year bond for replacing its current liability for which has a call option with a strike price of 100 eurocents after 24 January, Monday. On 22 December 2021, FitchRatings downgraded the bonds from BB-, stable outlook, to B+ as the team has high expenses for salaries and shrunk its sales..
Garanzia Campania Bond, a programme for subscribing bonds of companies based in the Campania Region and for which the regional government provides a 25% warranty (see here a previous post by BeBeez). Cassa Depositi e Prestiti and Mediocredito Centrale (MCC) acted as even anchor investors for the 14.5 million euros and 10.5 million worth bonds issuances of MARE Engineering, Bourelly Health Service, J Luxury Group, Farmacia Santa Caterina, T.E.A. TEK, Finizio, Villa Fiorita, Milano Fashion, Logi Service, Ekoru, and ASSOPAF. Garanzia Campania Bond issued a total of 144.1 million out of resources of 148 million and carried on a securitization through the spv Basket Bond Campania who issues abs that Cdp and Mcc subscribed. The Campania Region invested 24.35 million out of allocated 37 million for the warranties of the minibond. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
UniCredit carried on a synthetic securitization of a 2 billion euros portfolio with the support of the European Investment Bank (EIB) and the European Investment Fund (EIF) as part of the ARTS (Asset Risk Transfer Sharing) Programme (see here the Insight View of BeBeez about the credit exposure of the top six Italian banks available for the subscribers to BeBeez News Premium and BeBeez Private Data) (see here a previous post by BeBeez). EIF and EIB will provide a warranty for the portfolio’s mezzanine tranche. After such a transaction, Unicredit will have resources of 720 million of available credit to Italian SMEs. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Thinkinside issued a 1 million euros bond that Cdp Venture Capital and Add Value, part of AVM, subscribed (see here a previous post by BeBeez). Thinkinside has sales of 0.605 million, an ebitda of 18,000 euros and net cash of 0.328 million. The company will invest the raised proceeds in its international expansion and organic growth.
Digital Technologies issued a 1 million euros five-year senior unsecured bond with a fixed rate coupon due to mature in 2026 that HI CrescItalia Pmi Fund, part of Hedge Invest, subscribed (see here a previous post by BeBeez). The bond has a quarterly repayment and a 12-month pre-amortisation period. Digital Technologies has sales of 7.5 million euros, an ebitda of 1.02 million and will invest the raised proceeds in its organic growth.
IMR-Industries, an Italian producer of automotive components, received a financing facility of 110 million euros with the warranty of SACE from Intesa Sanpaolo, Unicredit, Banco BPM, Crédit Agricole Italia, Deutsche Bank, and Mediocredito Centrale Banca del Mezzogiorno (see here a previous post by BeBeez). The company will invest such proceeds in its organic business and refinancing a 50 million facility that Intesa Sanpaolo, Unicredit, Banco BPM, Credit Agricole Italia, Deutsche Bank, and Mediocredito Centrale provided in 2021. IMR has sales of 274.1 million, an ebitda of 14.2 million and a net financial debt of 143.1 million. The company belongs to the Galmarini Family (81.25%) and Simest (18.75%).
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