King Street Capital Management is among subscribers of the 1.5 billion euro securitization structured by Acciaierie d’Italia on its trade receivables last February (see here a previous article by BeBeez). Sources actually told BeBeez that King Street subscribed for 100 million euro the junior tranche joined by another investor who took a 10 million euro stake trough the Azimut Direct fintech platform. As for the senior tranche, instead, it was originally wholly subscribed by Morgan Stanley who in the last few months sold some stakes to third investors with Banca Ifis among them for 19.6 millions. Also according to BeBeez, last October, when the transaction was still in the structuring phase, Acciaierie d’Italia had negotiated with the Elliott fund, which could have played the role of investor, but then the negotiation was aborted and the transaction precisely ended up in Morgan Stanley’s portfolio. As a reminder, the figure of 1.5 billion euros of trade receivables to be sold covers a 12-month period. Buying the receivables is the special purpose vehicle SPV Project 2104 srl, which had purchased the first tranche of the portfolio in March and then again in May, August, October, and finally last November 15. According to BeBeez, the investors’ commitment is for a total of 350 million euros, but since the average maturity of the bills is 2-3 months, that figure over the course of the year has to be multiplied by four, thus reaching a total of 1.5 billion on a revolving basis. The master servicer of the securitization is Zenith Service spa (Arrow Global Group), while the sub-servicer is Acciaierie d’Italia itself.
At the end of 3Q22, Clessidra Factoring, part of Italmobiliare, generated a turnover of 302.5 million euros (+105% yoy) (see here a previous post by BeBeez). At the end of 2Q22, the turnover amounted to 194.5 million.
SACE’s Push Strategy programme provided the warranty for a 475 million euros senior unsecured term loan that the Mexican Ministry of Finance received from BNP Paribas, BBVA and HSBC (see here a previous post by BeBeez). The borrower will invest such facility in its 407.5 billion US Dollars 2022-2025 infrastructure investments programme.
Ingenii sgr, an Italian mid-market direct lending firm, launched Ingenii Sviluppo Impresa (Isi) (see here a previous post by BeBeez). The fund has resources of 120 million euros haead of a fundraising target of 300 – 400 million. Isi will provide Italian SMEs with mid and long term facilities with the warranty of Fondo di Garanzia. Kpmg Corporate Finance (corporate advisor) and Studio Zitiello Associati (legal) assisted Isi. BFF Bank will act as depository bank.
Fileni Alimentare, an Italian food company, issued a 10 million euros bond maturing on 25 October 2027 that Muzinich (fka Springrowth Capital) subscribed (see here a previous post by BeBeez). Sources said to BeBeez that the bond’s rate is of 3.5%. Unicredit acted as Placement Agent and Simmons&Simmons as legal advisor. The company will invest such proceeds in the implementation of an ESG strategy.
Infrastrutture, an energy company of which the ceo Pier Francesco Rimbotti owns 75%, attracted a junior financing facility of 7 million euros from Sienna Private Credit, part of French Sienna Investment Managers (see here a previous post by BeBeez). Infrastrutture will invest such proceeds in its international development.
Eurizon Iteᴙ and Eurizon Iteᴙ Eltif, two vehicles of Eurizon Capital for which ITER Capital Partners acts as advisor, will finance part of their the secondary buyout of Trasporti Romagna with a credit line of 81 million euros of Banco BPM, BNL, CiviBank (4.88 million), Gruppo Credit Agricole Friuladria, Intesa Sanpaolo, and Banca Popolare di Ragusa (see here a previous post by BeBeez). White & Case assisted the lenders.
Edra, an Italian publisher, received from Anthilia sgr through its funds BIT III, BIT IV and Anthilia Eltif Economia Reale Italia, a 2.8 million euros loan with the warranty of SACE maturing in June 2028 with an amortizing reimboursment starting in June 2024 (see here a previous post by BeBeez). KNG Securities LLP acted as arranger and DLA Piper as counsel. Edra has sales of 57.5 million euros, an ebitda of 9 million and a net debt of 4.7 million. The company will invest such proceeds in international M&A transactions.
Earlier in June and September, Viridis Energia received two loans from BPER of 8 and 20 million euros (see here a previous post by BeBeez). The company will invest such proceeds in the project finance development of two photovoltaic plants and in refurbishing a portfolio of assets.
Pietro Fiorentini, an Italian energy company, received from Cassa Depositi e Prestiti (CDP) a financing facility of 25 million euros for ESG and jobs creations investments (see here a previous post by BeBeez). Gruppo Fiorentini belongs to the Nardi family and has sales of above 466 million euros with an ebitda of 84.1 million and a net debt of 32.4 million
PAC Italy 130 SPV acquired from CPI Italy 130 SPV the credits that Unicredit granted to Parsitalia, a real estate company in liquidation that belongs to Parnasi (see here a previous post by BeBeez). Unicredit granted Parnasi with facilities worth a total of 500 million euros.
Unoenergy (fka Unogas Energia), an Italian utility, received from Unicredit a 50 million euros loan (See here a previous post by BeBeez). SupportItalia SACE provided the warranty for the facility that the company will invest in expanding its supply of alternative energy
