BPER Banca’s directors gave their approval for signing an awaited strategic partnership with Gruppo Gardant for the management of the bank’s NPEs portfolios and the sale of some of them to AMCO and to subsidiaries of Elliott (see here a previous post by BeBeez). The joint venture is worth in the region of 150 million euros and Gardant (a company that belongs to Elliott) has a 70% stake, while BPER owns 30%. As part of such agreement, BPER may sell NPEs worth up to 2.5 billion.
Gelsomina Vigliotti, the vicepresident of the European Investment Bank (EIB); Roger Havenith, deputy chief executive of the European Investment Fund (EIF) and Davide Bertone, the ceo of Fondo Italiano d’Investimento sgr, renewed their agreements for the activities of sourcing, screening and investment in Italian private capital funds (see here a previous post by BeBeez).
The bondholders of troubled Milan-listed Enertronica Santerno, a producer of industrial components, accepted to convert in special shares cum warrant their credit of 16 million euros with a 7% coupon and maturity on 31 December 2022 (see here a previous post by BeBeez). This transaction is part of the white knight deal that the company planned with Oxy Capital and the financial support of Illimity bank.
Profilglass, an Italian producer of semifinished aluminium items for industrial use, received from BPER Banca two credit lines worth a total of 20 million euros with a 6 – year tenure (see here a previous post by BeBeez). The company will invest the proceeds in its organic development and in its ESG plans. SACE provided a warranty for 14.5 million of the financing. Profilglass has sales of 796 million, an ebitda of 97 million and a net debt of 181 million.
Alantra, an independent investment bank and asset manager headquartered in Spain, is going to set a private debt team for its Milan bureau that managing director Alberto Pierotti will head (see here a previous post by BeBeez). Alantra has more than 1.2 billion euros of aum in the private debt field. Alantra will also provide Italian mid-market companies with long-term flexible senior debt instruments of 10 – 30 million