Collextion Group, a subservicing company for managing portfolios of receivables due from the public administration, announced the launch of a program to purchase receivablesworth up to 2 billion euros per year, that Fidera Vecta Limited promoted (see here a previous post by BeBeez). The first tranche of the transaction, worth in the region of 450 million euros, is already immediately available for the establishment of a securitization vehicle. The transaction concerns performing receivables from the Public Administration, but it may also include the sale of receivables from companies that completed restructuring procedures. Master Servicer of the securitization is 130 Servicing, while Collextion Services (part of the Collexction Group) acts as Subservicer and Legance provided legal advice. Antonio Borraccino is the founder of the Collextion Group.
Creditis Financial Services, a consumer credit company belongs to Chenavari Investment Managers since late 2017, completed a 304 million euros securitization of performing personal loans through Brignole CO 2024 spv, a vehicle that is compliant with European STS (simplicity, transparency, and standardization) criteria (see here a previous post by BeBeez). The junior, mezzanine and senior ABS notes all mature on February 24, 2042. The senior notes have obtained Fitch Rating and DBRS ratings of AA(sf)/AA(sf). Through this transaction, Creditis placed with institutional investors senior securities for 230.8 million, mezzanine securities of 53.3 million, and junior securities of 4.3 million, for a total of 288.4 million, net of the 5 percent portion that the company subscribed for regulatory risk retention purposes. The spread for the senior tranche amounts to 78 bps above 1M Euribor+. BofA Securities, Citigroup Global Markets Europe, Société Générale led the securitization and received assistance from A&O Shearman. Mauro Viotto and Antonio Saba are the managing director and chief financial officer of Creditis, which mandated Hogan Lovells.
Garofalo Health Care (GHC), a Milan-listed group that Maria Laura Garofalo controls and for which Alessandro Maria Rinaldi acts as chairman, refinanced  liabilities of 275 million euros with a deal involving UniCredit, Banco BPM, BNL BNP Paribas, Monte dei Paschi di Siena, Cassa Depositi e Prestiti, F2i Infrastructure Debt, Anima Alternative, Mediolanum Gestione Fondi and Arca (see here a previous post by BeBeez). The financing includes the private placement of a 50 million Milan-listed unrated bond (unsecured, fixed-rate, 7-year bullet) and a 130 million medium- to long-term bank loan facility (unsecured, floating-rate, amortizing and 6-year term). The latter includes the introduction of a SDG-linked margin adjustment mechanism, which may allow the group to further reduce the interest rate upon the achievement of ESG targets to disclose in 12 months. Garofalo has a long-term ESG Investment Grade EE+ (“Very Strong” – Standard Ethics Rating). The bank loan also includes a capex line of up to 70 million (unsecured, floating rate, amortizing, 7-year), available to the group to support its m&a strategy and make organic expansion and development investments. Garofalo also received a revolving bank line of up to 25 million (7-year unsecured) that will support any working capital needs. The structure of the transaction is fully unsecured and removes the guarantees under the previous loan. This will allow GHC to extend the average life of the debt beyond 5 years (from the current 2 years). GHC received assistance from Mediobanca and PwC. Hogan Lovells supported the banks and investors. Garofalo has a net financial debt of 205.7 million, revenues of 368.7 million and an adjusted ebitda of 67.1 million.
Intercos, a Milan-listed Italian cosmetics manufacturer with revenues of nearly one billion, attracted a 60 million euros financing facility from Cassa Depositi e Prestiti (see here a previous post by BeBeez). L-Catterton, Ontario Teachers Pension Plan, and GIC are some of the shareholders of Intercos, which will invest these resources in the creation of a new Lombardy-based industrial hub dedicated to make-up.Â
Brugola OEB Industriale, a manufacturer of hexagon head screws,  attracted a 23 million euros medium- to long-term loan from Cassa Depositi e Prestiti (CDP), Crédit Agricole Italia and Banco BPM with the support of Sace‘s Garanzia Futuro (see here a previous post by BeBeez). Egidio Stefano Brugola is the chairman of the company for which Andersen Italia acted as debt advisor. PedersoliGattai assisted the lenders. The company will invest these resources in its organic growth and energy efficiency projects.
Società Agricola Assoro Biometano, part of the FemoGas group, cashed in a 6.7-million-euros financing facility (5.6 million capex and 1.04 million as vat line) from Banco BPM (see here a previous post by BeBeez). The company will invest these resources in its organic growth. Studio Legale Pedersoli & Gattai, RINA Consulting and RINA PRIME Services and STEER acted as advisors. Assoro Biometano has a turnover of 6.7 million euros, an ebitda of 3.6 million and net debt of 7.4 million.
Three Hills Capital Partners received a 50 million euros loan from Unicredit to invest in The Wilde, a private club set to open in Milan in October 2024 (see here a previous post by BeBeez). Villa del Platano, a luxurious residence that Santo Versace sold in July 2022 to a London investor for 33.3 million, will host The Wilde.
Animalia, an Italian chain of veterinary clinics, received a 5-year 10 million euros revolving loan from illimity Bank (see here a previous post by BeBeez). The lcompany will invest such proceeds in its liquidity needs for working capital and investment in organic growth and add-on acquisitions.
Program by Autonoleggio Fiorentino, the Italian subsidiary of the British corporate fleet management Salford Van Hire Group, attracted a 2 million five-year unsecured loan from Cassa di Risparmio di Orvieto, part of Mediocredito Centrale, with a Sace Green guarantee (see here a previous post by BeBeez). The company will invest these resources in the ecological conversion of its corporate fleet. Program by Autonoleggio Fiorentino Patrizia Bacci, closed 2023 with about 40 million euros in revenues, 20.7 million in ebitda and net financial debt of 5 million
Azimut Group and Muzinich & Co. announced the second fundraising closing ofor Azimut Private Debt Capital Solutions II – ELTIF fund at more than 205 million euros (see here a previous post by BeBeez). Muzinich & Co manages this rescue financing fund. The placement of Azimut Private Debt Capital Solutions II – ELTIF will end in late July 2024. Giorgio Medda is the ceo of Azimut Holding while Filomena Cocco is the chairwoman of Muzinich & Co.
