Fedrigoni Group, an Italian producer of special papers and labels that belongs to Bain Capital and BC Partners, refinanced a 365 million euros senior secured bond maturing in 2027 with a coupon of 11% through the issuance of Senior Secured Fixed Rate Notes of 430 million maturing in 2031 and paying a 6.125% coupon. (see here a previous post by BeBeez). Latham & Watkins, Paul, Weiss, Rifkind, Wharton & Garrison, Pirola Pennuto Zei & Associati, Facchini Rossi Michelutti, PedersoliGattai, and Milbank supported the company for these deals. Fedrigoni also refinanced vendor notes and a vendor loan with Toggle Notes Senior Holdco Pay-If-You-Can of 300 million maturing in 2029. This bond allows the borrower to pay a 10% coupon in cash or to delay such cuts for a 10.75% rate. Fedrigoni received support from BNP Paribas, BPER Banca, Intesa Sanpaolo, Mizuho Securities Europe, Banca Monte dei Paschi di Siena, Morgan Stanley & Co. International, Nomura, Banco Santander, and UniCredit. The company also signed an agreement for acquiring the majority of German competitor Gruppo Poli-Tape from Bitburger, which sold its minority, and the Möhren Family that will keep a 10% of the business, sources said to BeBeez. Mark Wehrmann will keep his ceo role. Fedrigoni retained EightAdvisory, PwC, Latham & Watkins, Pirola Pennuto Zei& Associati, AON, and L.E.K. POLI-TAPE hired IMAP M&A Consultants, LMPS Lawyers and dhpg Tax consulting. Marco Nespolo is the ceo of Fedrigoni.
Covivio Hotels, a subsidiary of Paris-listed real estate investor Covivio (a company of the Del Vecchio Family), issued a green bond of 500 million euros maturing in May 2033 (see here a previous post by BeBeez). The company will invest such proceeds in its green hotels. The Paris-listed bonds received a BBB+ rating from Standard & Poor’s.
On 21 May, Tuesday, Italian football team FC Inter Milan did not pay the 275 million euros PIK bond with a 12% coupon (a total of 395 million) (see here a previous post by BeBeez). Oaktree subscribed such facility in 2021 and therefore announced the acquisition of the Italian team from Chinese conglomerate Suning. Giuseppe Marotta and Alessandro Antonello will keep their role of Inter co-ceos. Alejandro Cano is the managing director and Co-Head of Europe Global Opportunities for Oaktree. Press reports said that FC Inter was holding talks with PIMCO for issuing a 430 million bond for refinancing the liabilities that Oaktree subscribed.
Alperia, a multiutility of the Italian North Eastern region Alto Adige, closed earlier than scheduled the placement of a 250 million euros green senior unsecured bond (see here a previous post by BeBeez). This 5-year issuance pays a coupon of 4.t5% with semi-annual payments in arrears and is available to retail investors with tickets of at least 1000 euros. Equita SIM, Banca Akros, Finint Private Bank, Cassa di Risparmio di Bolzano e Cassa Centrale Raiffeisen dell’Alto Adige carried on the placement and received assistance from Dentons Europe Studio Legale Tributari. Luis Amort is the ceo of Alperia which retained Legance and Ethica Group. The company will invest such proceeds in the development of existing projects.
The European Investment Bank (EIB) and Cassa Depositi e Prestiti provided Academo, a vehicle of Australian Lendlease and Equityer – Ersel Asset Management, with financing facilities worth 215 million euros for the development of Milan University science and technology campus in the area MIND – Milano Innovation District (see here a previous post by BeBeez). Academo received from EIB and CDP a project finance item in two tranches of 95 million each. The loan of CDP will have the Fondo InvestEU warranty. CDP will also provide a VAT financing of 25 million. Architects firm CRA – Carlo Ratti Associati will handle the project that aims to receive the GOLD – LEED certification. Intesa Sanpaolo, Compagnia di San Paolo, Fondazione CRT, and Fondazione CRC invested in Equiter. The new campus will be of 190000 sqms.
UniCredit launched Tranched Cover Italia, a 100 million euros worth programma of SMEs financing with the warranty of MedioCredito Centrale (see here a previous post by BeBeez). The bank will provide borrowers with 2 million facilities, a tenure of 84 months and a preamortization of 18 months. Such resources may support Italian companies for their investments, R&D, working capital, and debt refinancing.
Pasolini Luigi, a provider of support services for the retail sector, placed on Fundera a 1.5 million euros minibond and retained Frigiolini & Partners Merchant as arranger (see here a previous post by BeBeez). The issuance will mature in 2030 and Fondo di Garanzia per le pmi provided a warranty for 80% of the amount. The callable minibond pays a reward for eventual earlier repayment and has a yield of 290 basis points above the averege euribor of the previos half. Finlombarda and Mediocredito Trentino Alto-Adige acted as anchor investors (40% each). Luigi Pasolini belongs to Giacomo Pasolini (40%), Pierpaolo Pasolini (40%) and Athena Financial Advisory (20%). The company has sales of 42.2 million, an ebitda of 4.2 milioni and a net financial debt of 8 million.
Milan-listed producer of components for specs iVision tech placed on Fundera a minibond of 5 million euros maturing in 7 years with a coupon of 6M Euribor plus 290 bps (see here a previous post by BeBeez). The investors of CrowdFundMe can pour resources in this bond with tickets of at least 10,000 Euros. Milan-listed iVision tech also placed a 2 million minibond on Fundera for professional investors that may subscribe to tickets of at least 50,000. The company will apply for listing both the bonds on Milan market.
