Trieste Court allowed Cimolai to freeze collaterals worth 100 million euros (81 million with the British broker JB Drax Honore and 19.6 million with six other firms) (see here a previous post by BeBeez). Press rumours say that Cimolai attracted the interest of Paris-listed contractor Vinci and of Milan-listed WeBuild. Cimolai signed swap contracts with a mark-to-market value of 200 million with 21 banks and brokers such as BNL Bnp Paribas, Banco BPM, Intesa Sanpaolo, Mediobanca, MPS, Morgan Stanley, Deutsche Bank, Natixis, and NatWest.
Pittarosso filed with Padoa Court its receivership application based on the offer of Pillarstone’s RSCT Fund (Responsible & Sustainable Corporate Turnaround Fund a vehicle with resources for 600 million euros that Davy Global Fund Management handles) (see here a previous post by BeBeez). Pillarstone aims to convert Pittarosso banking liabilities of 80 million (30% if unsecured) and pour a further 5 million of fresh resources.
Intrum Italy, Sagitta and Zenith Service launched UTP Italia, a private debt fund (see here a previous post by BeBeez). In May 2021, Andrea Tresoldi, the head of Utp at Intrum Italy, said during the Caffé di BeBeez about securitizations that the firm was working on the launch of such an investment vehicle.
At the end of 3Q22, AMCO’ pro-forma AUM were worth 36.2 billion euros (64% NPL and 36% UTP) (See here a previous post by BeBeez). At the end of 2Q22 AUM were of 32.6 billion (42% UTP and 58% NPL).
Daniele Patruno is the new ceo of Europa Investimenti, a turnaround fund (see here a previous post by BeBeez). Patruno will create stronger synergies with Sagitta, an investor in NPEs, Zenith Service, and real estate firm Sansedoni. Patruno will replace Stefano Bennati.
TPG Capital refinanced the debt of DOC Generici, an Italian drugs maker that the fund acquired earlier in June from ICG and Mérieux Equity Partners on the ground of an enterprise value of 1.6 billion euros (see here a previous post by BeBeez). On 21 October, Friday, TPG announced the early repayment of a 323 million euro floating rate bond maturing on 30 June 2026 that DOC issued in June 2019 for 470 million for supporting the buyout of ICG and Mérieux Equity for an enterprise value of 1.1 billion.
Fratelli Cosulich, an Italian shipping company that belongs to the eponymous family, received a loan of 29.5 million euros from Crédit Agricole Italia, Unicredit, Cassa Depositi e Prestiti, and Banco BPM (see here a previous post by BeBeez). Sace will provide with a warranty. The company will invest such proceeds in the construction of a 44 million US Dollars worth gas vessel.
CMM (Costruzioni Meccaniche Montirone), an industrial company that belongs to the Loda family, issued a 6-year minibond of 1.5 million euros that Unicredit subscribed and for which MCC provided with a warranty (see here a previous post by BeBeez). CMM will invest the raised proceeds in its organic development and the achievement of ESG targets. The company has sales of 5 million with an ebitda in the region of 0.39 million
Banca Capasso (IBL Banca Group), an arranger and investor specializing in transactions with assets underlying distressed secured loans, together with Reinvest spa, a company specializing in the analysis, acquisition, and management of secured and unsecured NPL and UTP loans, have structured the real estate securitization platform Ipanema SPE srl, which will come to acquire real estate and issue asset-backed partly paid securities up to a total of 200 million euros, which will be underwritten by a vehicle headed by a Dutch investors, whose name, however, was not revealed (see here a previous post by BeBeez).
Italian fintech rating agency Modefinance, part of Teamsystem since 2021, launched its proprietary ESG assessment model for SMEs (see here a previous post by BeBeez).