Italy’s IMA-Industria Macchine Automatiche, an Italian producer of machinery for the packaging sector, issued a senior secured Luxembourg-listed 5-years 450 million euros floating rate bond maturing on 15 April 2029 that will refinance a 408 million shareholders loand, pay a 37 million dividend to Sofima and finance the M&A costs that amount to 5 million (see here a previous post by BeBeez). The least ticket of such bond is of 0.1 million and the quarterly coupn is of 3M Euribor plus a 3.75% annual rate. JP Morgan and BOFA Securities, BNP Paribas, Crédit Agricole CIB, Mediobanca, Morgan Stanley, and Unicredit acted as physical bookrunners. Moody’s assigned IMA with a long-term corporate family rating of B2 and a probability of default rating B2-PD while the bond received a rating B2. Such an issue is instrumental for the 6.5 billion worth merger of IMA with US competitor ProMach (a company that belongs to BDT & MSD Partners and Leonard Green & Partners). The 5 billion sales merged entity may list on NYSE by 2028.
Iconic Italian football club FC Inter is in advanced talks with US asset manager PIMCO for launching a three-years 400 million euros bond (see here a previous post by BeBeez). The team would invest the proceeds in repaying the 375 million (275 million and PIK facilities) outstanding bond that Oaktree subscribed in 2021 and is going to mature in May 2021.
EP Produzione, a subsidiary of EP Power Europe (part of Czech Energetický a Průmyslový Holding – EPH), received a project financing facility of 320 million euros for its Italian thermoelectric plant EP Centrale Ostiglia (see here a previous post by BeBeez). UniCredit headed the lenders pool that includes Banco BPM, BPER, DZ Bank, MUFG, and SMBC Bank EU. Legance – Avvocati Associati assisted the banks while PedersoliGattai advised the borrower.
Milan-listed real estate developer Borgosesia said on 19 April, Friday, that is holding talks for acquiring Italian NPEs broker OneOSix and that is going to issue non-convertible commercial papers for up to 50 million euros in several tranches (see here a previous post by BeBeez). Davide Ferrari is the ceo of OneOSix which belongs to Istituto Atesino di Sviluppo (49.86%), Zarco (15%), Mediocredito Trentino Alto Adige (9.59%), F.lli Poli (9.5%), Immobiliare Adige (7.14%), Net Insurance (5%), and further shareholders (4%). Banca d’Italia must authorize the transaction. OneOSix value amounts to 5.5 million and Borgosesia will pay 45% of it at the closing and the remaining part after 24 months with the charge of a rate of 3M Euribor plus a 50 bps spread. OneOSix equity is worth 3.4 million while its CET1 ratio is of 46.8%.
BFI-BF International Best Fields Best Food, part of Italian agroindustrial company BF (the owner of Milan-listed Bonifiche Ferraresi), attracted a 15 million euros investment from Simest, a subsidiary of CDP (see here a previous post by BeBeez). Simest will pour 4.25 million (3 million through Fondo Unico di Venture Capital – FUVC) of such facility for a 1.09% of the company that is also launching a 54.25 million capital increase to which BF will subscribe for 50 million. Such proceeds will finance BFI’s 33.1 million worth acquisition of Belgium’s Agriconsulting Europe that will sell its Italian subsidiary Agriconsulting to Diagram, an agritech company of which Nextalia has 80% and BF 20%. As a second stage of the transaction, Simest will pour in BFI 10.75 million (7 million through FVC). The closing may take place by June. BF belongs to Federico Vecchioni (ceo – 20.126%), Sergio Dompè (29.948%), Intesa Sanpaolo (3.315%), and other minor shareholders. BF received assistance from IMI Corporate & Investment Banking, L&C Consulting & Partners and Grimaldi Alliance – London office. Simest’s investment in BFI will mature on 31 December 2029 and will generate value through the target’s dividends cut or BF payments of interest charges. Once reached the maturity, Simest will resell to BF the stake in BFI at the same entry price while it will receive the repayment of the shareholder loan in the event of a change of corporate control. BF also committed to support BFI in the next three years with further resources of 95.75 million.
Maniva, an Italian producer of mineral water, received from Intesa Sanpaolo a financing facility of 8 million euros with the warranty of SACE (see here a previous post by BeBeez). The company will invest such resources in implementing ESG strategies. Maniva has sales of 22.8 million euros, an ebitda of 3 million and a net debt of 10.4 million.
