Sources said to BeBeez that Apollo Global Management tabled a 260 million euros bid for SECI, the controlling holding of the bankrupted diversified industrial group Maccaferri (see here a previous post by BeBeez). Claudio Solferini, Enrica Piacquaddio and Antonio Rossi, the insolvency administrators, will appraise the offer and ask the creditors for an assessment. Sources said to BeBeez that Apollo would pay in cash 21% of Maccaferri unsecured debts. SECI owns 51% of Manifatture Sigaro Toscano and iconic real estate assets.
AMCO, the Asset Management Company of the Italian Ministry of Economy and Finance led by Marina Natale, approved a few days ago the Strategic Plan 2025 called made in AMCO, which provides, among other things, purchases of new portfolios for 7.5 billion euros, balanced between NPLs and UTPs, as well as the launch of new projects with strategic partners to respond to new market scenarios (see here a previous post by BeBeez). The purchases will, of course, be facilitated by the exclusive deal won in early August, together with Gardant (a leading servicer of impaired loans in the Italian market), aiming at creating a strategic partnership on the management of UTPs and NPLs of the BPER Banca group. AMCO’s plan also aims at the creation of multi-originator funds with a total of 1.5 billion euros of AuM related to specific sectors, geographic areas or categories of distressed companies and the implementation of the GLAM platform – Guaranteed Loans Active Management, to which the EU Commission had given the green light in late August, for the management of post-Covid guaranteed loans, for which a total contribution of 11.1 billion is estimated, including 2.9 billion under management at AMCO and 8.2 billion under management at Special Servicer by 2025.
Hippocrates Holding, an Italian chain of drugstores that belongs to Antin Infrastructure Partners, attracted 900 million euros from 15 Italian and foreign lenders (see here a previous post by BeBeez). Sources said to BeBeez that the company received 460 million for refinancing its liabilities, 20 million of RCF (revolving credit facility), 250 million as m&a capex facility, and 172.5 million of M&A financing. The company will invest part of such proceeds in building a warehouse. Banca Ifis; Banco Popolare dell’Emilia Romagna; Banco Popolare di Milano; BNP Paribas Asset Management; Crédit Agricole Corporate and Investment Bank; Edmond de Rothschild’s BRIDGE; Intesa Sanpaolo – IMI Corporate & Investment Banking; Goldman Sachs; KommunalKredit; Natixis; Nomura; Société Générale; and Vantage Infrastructure financed the company.
Banca Progetto, an Italian challenger bank of which Oaktree Capital Management owns 98%, carried on two securitizations worth 1.3 billion euros with the warranty of Fondo di Garanzia (see here a previous post by BeBeez). For one of the transactions the bank issued senior notes of 500 million that Intesa Sanpaolo subscribed and junior notes of 170 million in which Banca Progetto invested. For the other securitization, the bank issued senior variable funding notes for 500 million that BNP Paribas subscribed and a junior tranche of 131 million in which Banca Progetto invested. By the end of December 2023, the bank will be able to sell further credits to the spvs.
Fondo Italiano d’Investimento sgr (FII sgr) is preparing the ammunition to support further near-term development of the Florence Group, an integrated production hub in Italy serving the international luxury fashion industry, which is controlled about 65% by FII itself, through the Fondo Italiano Consolidamento e Crescita (FICC), VAM Investments and Italmobiliare, and the remaining 35% by the founding families of the companies that have gradually become part of the group. Florence one, a special purpose vehicle wholly owned by the FICC fund, has in fact issued a 20 million euro five-year bond, which was subscribed in equal stakes by Anthilia Capital Partners sgr, through its Anthilia BIT III, Anthilia BIT IV Co-Investment Fund and Anthilia Eltif Economia Reale Italia funds, and by Clessidra Capital Credit sgr through its Clessidra Private Debt Fund (see here a previous post by BeBeez).
Tenova, a subsidiary of Techint, received letters of credit worth 45.4 million euros and with a 24 – 29 tenure for building three plants in the South of Turkey (see here a previous post by BeBeez). SACE also provided Tenova with an insurance facility for the production. A Turkish bank issued three letters of credit on behalf of Tosyali Toyo Celik Anonim Sirketi, as part of a contract signed last May.
Ligabue, an Italian provider of catering services for cruises that belongs to the eponymous family and Fondo Italiano d’Investimento – Neuberger Berman, issued an up to 10 million euros minibond that Finint Investments and Veneto Sviluppo initially subscribed for 6 million (see here a previous post by BeBeez). The floating rate unsecured bond will mature in 5 years. The company will invest such proceeds in its organic development.
Andriani, an Italian producer of gluten-free pasta, received from Intesa Sanpaolo a facility S-Loan ESG of 11 million euros with the warranty of Garanzia SupportItalia di SACE (see here a previous post by BeBeez). The company will invest such proceeds in the implementation of ESG strategies. Andriani is a B-Corp that belongs to Francesco and Michele Andriani and NUO (26.4%), a joint venture of Exor and Hong Kong’s WWICL (The World Wide Investment Company Limited). Andriani has sales of 77.9 million, an ebitda of 10.9 million and a net financial debt of 27.3 million.
Chiripal Poly Films, an Indian packaging firm, received from Unicredit a financing facility of 7.71 million euros with the warranty of SACE (see here a previous post by BeBeez). The facility is an express buyer credit that will allow Chiripal Poly Films to pay Colines, IMS Technologies and Bobst Manchester for the supply of machinery.