Milan-listed doValue, an investor in NPEs, is reportedly holding advanced talks with a pool of banks for borrowing a 450 million euros facility (see here a previous post by BeBeez). The company will also invest such proceeds in acquiring Italian competitor Gardant, a competitor that belongs to Elliott Management (87.12%) and managers of Tages, an Italian financial firm. Previous press reports said that Gardant’s enterprise value amounts to 350 million and that doValue will pay the deal in cash and through a swap share for a 20% of the target. The facility that doValue is negotiating will include a revolving line of 100 million. The company will also allocate such proceeds in repaying a 265 million bond with a 5% coupon maturing in August 2025 and another 300 million issuance maturing in 2026 with a 3.75% coupon. Once completed the acquisition of Gardant, Elliott will hold a stake in doValue that will launch a 200 million capital increase that will attract the resources of all current and new shareholders such as Bain Capital and Mubadala which acquired Softbank‘s 28.3% in the asset earlier in May.
Domorental, an Italian provider of industrial goods for lease, launched an up to 62.5 million euros programme for the securitization of commercial goods that have rental contracts for underlaying (see here a previous post by BeBeez). The deal has a 12 months ramp-up period during which Giunone SPV will issue asset backed notes. Domorental will acquire the 12.5 million worth junior notes while Milan-listed illimity Bank will purchase the 50 million senior tranche. Sin&rgetica assisted Domorental while 130 Servicing created Giunone SPV.
The insolvency issues that Italian courts appraised in 1Q24 rose by 16% from 1Q23, said Berry Sea, a report of Berry (fka Cherry) (see here a previous post by BeBeez). The courts that are handling the highest numbers of new insolvency cases are Rome (232 issues, -12% yoy); Milan (228 -5%) and Turin (135, +65%).
