Acqua&Sapone, the Italian retailer of consumer products that belongs to H.I.G., received a 440 million euros financing facility and a 55 million revolving credit facility from Intesa Sanpaolo, Banco BPM, UniCredit, BPER Banca, Crédit Agricole Italia, Banca MPS, OLB Bank, Deutsche Bank, illimity Bank, JP Morgan, and Banca Ifis (see here a previous post by BeBeez). The company will invest such resources in repaying the Vienna-listed 415 million bond that issued in 2021 with maturity in October 2028. Lincoln International acted as debt advisor. White&Case assisted the company while Dentons assisted the lenders. Bain & Company, EY, Studio Facchini Rossi Michelutti, and Chatham Financial advised for further aspects of the transaction.
Sammontana, an Italian producer of sweets, received a 15 million euros financing facility from CDP for which SACE provided a warranty (see here a previous post by BeBeez). The company will invest such resources in the creation of an Italy-based production line for ice creams and in circular economy activities. Sammontana belongs to the Bagnoli Family and has sales of 484.3 million, an ebitda of 32.9 million and a net debt of 72 million. Leonardo Bagnoli is the ceo of Sammontana.
Banca Ifis restructured a securitization that carried on in December 2016 through spv Indigo Lease for a portfolio of performing leasing transportation credits that the bank was going to sell with a revolving procedure (see here a previous post by BeBeez). The underlaying portfolio is worth 530 million euros. Milan-listed Banca Ifis sold to Unicredit Bank the senior notes with a face value of 609.5 million with an outstanding principal amount of 400 million. Banca Ifis acquired the junior notes with an outstanding principal amount of 147.6 million. The bank extended by two years the revolving period and increased the value of the senior notes’ outstanding principal amount. Banca Ifis also withdrew the A1 rating of Moody’s and AA of DBRS Rating and the delisting from Luxembourg Market. The securitization received the STS certification (Simple, Transparent and Standardized).
Opyn, the fintech lending platform for SMEs that belongs to Gruppo Azimut, Banca Valsabbina, P101, and Gruppo Italmondo, has a further 300 million euros for providing financing facilities (see here a previous post by BeBeez). Opyn signed a partnership with Azimut, Santander CIB and Banca Ifis and carried on a securitization with Skyline SPV that will issue partly paid asset backed notes while the platform will provide the loans. Santander CIB will purchase the senior notes (255 million, 2.26% coupon), Banca Ifis will take the mezzanine notes (15 million, 4.1% notes) and Azimut will buy the junior notes (30 million, 10% coupon). Hogan Lovells acted as drafting and transaction legal counsel. Orrick assisted Santander CIB as reviewing counsel. The 0.1 – 1.5 million financing faciliites will have a tenure of up to 6 years with a preamortization of one year and a 90% warranty of Fondo Centrale di Garanzia per le pmi.
