Milan-listed gambling company Lottomatica (Apollo Global Management is the main shareholder) priced 900 million euros senior secured bond senior (500 million maturing on 1 June 2030 with a 5.375% rate and another of 400 million maturing on 1 June 2031 paying a 3M euribor – 0% floor plus 325 bps) (see here a previous post by BeBeez). The placement for institutional investors will close on 29 May, Wednesday. Lottomatica will invest such proceeds in: 1) repaying a 350 million secured bond maturing in 2027 with a 9.750% coupon; and 2) refunding a 550 million senior secured bond maturing in 2028 with a coupon of 3M euribor plus 412.5 bps. Such issuances will have as collateral the share capital of Lottomantica and its subsidiaries GGM and GBO. After haing issued the bond and carried on the proceeds investments, Lottomatica will lower by 23 million its run-rate expenses and extend the maturity of most of its liabilities to 5 years.
Italian food producer La Doria, a portfolio company of Investindustrial (65%) and the Ferraioli Family (35%), placed a senior secured bond of 525 million euros maturing in 2029 and paying a coupon of 3M euribor plus 450 bps (see here a previous post by BeBeez). The company will invest such proceeds in refinancing 346 million worth banking debts maturing between 2028 and 2029 and in paying a 125 million dividend. La Doria and the issuance both received a B rating from S&P and B1 from Moody’s. Fitch Ratings gace a B rating to the company and B+ to the issuance. La Doria will also get a super senior revolving credit lien of 85 million. Chiomenti and Paul, Weiss, Rifkind, Wharton & Garrison assisted the company. Maisto e Associati advised the banks.
Italian broadcaster and multimedia company Rai will issue a Dublin-listed non convertible bond of up to 300 million euros (see here a previous post by BeBeez). The company will invest such proceeds in its working capital and organic growth. Each ticket will be of 0.1 million.
Italian credit information company CRIF received from Pricoa Private Capital (part of PGIM – Prudential Financial) a revolving shelf facility that may allow to place bonds worth 225 million US Dollars (208 million euros) in the next four years (see here a previous post by BeBeez). Carlo Gherardi, the chairman and ceo of CRIF, said that the company may call off such facilities and may invest the proceeds of eventual issuances for specific contingent needs.
Gamma Immobiliare, a real estate vehicle that Italian pensions institute INPS subscribed and DeA Capital Real Estate manages, received a 81.7 million euros worth green loan for refurbishing Milan’s iconic Palazzo Missori, an asset acquired in 2017 from Fondo Immobili Pubblici (FIP) – Investire, for 50 million (see here a previous post by BeBeez). Fondo Forward – Gardant Investor, Natixis and Société Générale provided the direct lending facility. DLA Piper assisted the lenders. Ashurst advised Gamma Immobiliare. Park Associati Architects will carry on the refurbishing of 18500 sqms Palazzo Missori.
Italian food company Pinsami, a portfolio company of Deutsche Invest Capital Solutions received a 10 million euros financing facility from BCC Banca Iccrea, Tenax Capital and Emil Banca (see here a previous post by BeBeez). Banca Finint acted as structurer. The company will invest such resources in its organic growth and its 21 million investments plan aimed at reducing CO2 emissions by 15-20% and hiring further human resources.
Konecta Italia received a short term financing of 5 million euros from Solution Bank, a subsidiary of Hong Kong’s SC Lowy (see here a previous post by BeBeez). The company will invest such resources in its working capital and organic growth. Gruppo Konecta, a provider of BPO services based in Madrid, has a turnover of 2 billion and an ebitda of 300 million.
ABC Company (fka Compagnia della Ruota Advance Capital), a B-corp and permanent capital investor listed on Milan market, raised 3.228 million euros through the issuance of a 6-months convertible PIK bond that pays a 2% coupon (see here a previous post by BeBeez). The initial placement took place in July 2023 for up to 8.16 million. Sources said to BeBeez that ABC will invest such proceeds in the reported IPO of Next Geosolutions Europe (NextGeo), part of Marnavi, on the ground of a pre-money value of 250 million. ABC COmpany will repay the investors with shares of NextGeo.
