Reno de Medici (RdM) Group, an Italian paper producer that Apollo Global Management delisted from Milan stock market in 2021, received a 100 million euros super senior revolving credit facility and priced at 98% its par value a bond of 600 million maturing on 15 April 2029 with a coupon of 3M Euribor plus 500 bps (B2 from Moody’s and BB- from Fitch Ratings) (see here a previous post by BeBeez). Allen & Overy and Paul, Weiss, Rifkind, Wharton & Garrison assisted RdM Group and Apollo Global Management. Latham & Watkins advised the banks. RdM will invest the raised resources in repaying a Luxembourg-listed 445 million floating rate sustainability-linked senior secured bond and a senior term facility of 126 million that financed the acquisition of Swedish competitor Fiskeby International.
Evoca (fka N&W Global Vending), an Italian producer of vending machines that belongs to Lone Star since 2015, priced at 98% its par value a Luxembourg-listed senior secured bond of 550 million euros with a coupon of 3M Euribor (0% floor) plus 525 bps with a quarterly reset (B3 from Moody’s, B- from S&P Global Ratings, B with stable outlook from Fitch) (see here a previous post by BeBeez). Evoca will invest the raised proceeds in refinancing a Dublin-listed bond of the same value that issued in 2019. Evoca also extended to September 2029 the maturity of a 210 million PIK bond PIK issued in 2019 and that now is worth 322.8 million with the payments of accrued interest. The company also extended to 2029 the maturity of a revolving facility worth 80 million that Detusche Bank, Goldman Sachs, BofA Securities, Crédit Agricole CIB, IMI Intesa Sanpaolo, and JP Morgan provided. Latham & Watkins and Molinari Agostinelli assisted Evoca. Chiomenti and Milbank advised the lenders. Evoca received from Moody’s a B3 corporate rating with a negative to stable outlook. In 2018, Lone Star sounded the ground for a dual track exit on the ground of an enterprise value of 1.5 billion.
APO Conerpo, an Italian co-operative agrifood company, received from BPER Banca a financing facility of 50 million euros for supporting its 2023-2024 development plans with First International Association Fruit (F.In.A.F.) (see here a previous post by BeBeez). Davide Vernocchi is the chairman of APO Conerpo which has sales of 414 million, an ebitda of minus 2 million and equity of 35.7 million.
Paris-listed diversified group Vinci invested 50 million euros for acquiring 10% of NatPower, a developer of renewable energy projects in Italy, UK and USA that ceo Fabrizio Zago heads, through the subscription to a capital increase (see here a previous post by BeBeez). Prior to this transaction NatPower belonged to Zago (60%), Matteo Racchelli (coo), Carmine Fioravante (cto), Matteo Ballini (cfo) (a total 15%), and to Tyrus Capital (25%).
Redelfi, a Milan-listed investor in green energy, fintech, circular economy, deep tech and real estate, received a 15 million euros financing facility from Anthilia Capital Partners (see here a previous post by BeBeez). The company will receive the facility in two tranches by February 2025 and will invest these resources in developing the stand-alone battery energy storage system (BESS) pipeline of Bright Storage, a newco of which Flash has 49%. Redelfi provided Anthilia with a 57 million worth backlog of contracts for BESS as collateral. The company will pay the interests on the facility every six months and will start repaying the principal amount in December 2026. Redelfi has sales of 11 million, an ebitda of 5.1 million, a net debt of 4.8 million, while investments are worth 6.4 million.
Banca Valsabbina and Finlombarda subscribe to the 2.5 million euros minibond that Erre Zeta, an Italian doors producer, placed on CrowdBond, part of Opstart (see here a previous post by BeBeez). The issuance will mature on 28 March 2029 and pays a coupon of 6M Euribor + 3.5%. Mediocredito Centrale provided a warranty for 80% of the issuance. Roberto Zanesi is the chairman of Erre Zeta which has sales of 40.3 million, an ebitda of 3.4 million and net cash of 1.8 million. The company will invest the raised proceeds in opening a megastore in the North of Italy.
Ciro Paone, an Italian fashion firm that owns the brands Kiton, Kired, KTN and Sartorio Napoli, received a financing facility of undisclosed amount from Cassa Depositi e Prestiti with the warranty of SACE (see here a previous post by BeBeez). BonelliErede assisted CDP. Antonio De Matteis is the ceo of Ciro Paone that will invest such proceeds in the energy efficiency of its logistic processes. The company has net sales of 162.5 million, an ebitda of 24.2 million and a net financial debt of 63.5 million (including a 15 million minibond issued in 2019 and maturing in 2026)
Foresight Group, a London-listed investor in infrastructures and private equity, quotato al London Stock Exchange, appointed Raffaele Ciotta for the Italian team that Diomidis Dorkofikis heads (see here a previous post by BeBeez). Ciotta previously worked for Nuveen Infrastructure (fka Glennmont Partners) and as Head of Business Development & Alternative Investments of Acea.
