Rossini, the Luxembourg-based holding company through which CVC Capital Partners, PSP Investments, StepStone, and Alpinvest control Milan-listed pharmaceutical group Recordati, issued a two-tranches 1.85 billion euros bond at fixed and floating rates for repaying previous liabilities of 1.3 billion that would have matured in October 2025 (see here a previous post by BeBeez). The bonds are both senior secured with maturity in 2029. The fixed-rate bond is 1 billion and pays a coupon of 6.75%. The floating-rate bond is 850 million with a coupon equal to the 3-month Euribor rate plus 3.875%. Rossini will also invest these resources in the payment of an extraordinary dividend with which it can reimburse the 750 million PIK notes and the 46.9 million capitalized interest due in June 2025 that it issued for the sellers of Recordati in 2018. With this refinancing transaction, Rossini issued new PIK notes for 250 million that received a corporate family rating of B2 from Moody’s for the issuer and a B3 rating for the new bonds (see here Moody’s note available for the subscribers to BeBeez News Premium and BeBeez Private Data). Fitch assigned the new B credit rating to Rossini and the issua nce. S&P Global Ratings assigned B credit ratings to the issuance.
Custodia Valore – Credito Su Pegno received a 330 million euros multi-tranche financing from UniCredit, Intesa Sanpaolo, Banco BPM, Crédit Agricole Italia, BPER Banca, Cassa di Risparmio di Bolzano (Südtiroler Sparkasse), Cassa Rurale di Bolzano (Raiffeisenkasse Bozen), Cassa Centrale Raiffeisen dell’Alto Adige (Raiffeisen Landesbank Südtirol), and Banca Agricola Popolare di Ragusa. Custodia Valore is part of Austrian Dorotheum, which is active in the appraisal and pledge lending of luxury jewelry and watch auctions with the Affide brand (see here a previous post by BeBeez). Legance advised Custodia Valore. The banks received support from Gianni&Origoni. Custodia Valore will invest these resources in the repayment of a 330 million revolving credit line it received in 2021 from UniCredit, Intesa Sanpaolo, Banco BPM, Credito Valtellinese, Cassa di Risparmio di Bolzano, BPER Banca, Banca Agricola Popolare di Ragusa, and Cassa Rurale di Bolzano.
TeamSystem, a B2B tech company that belongs to Hellmann&Friedmann (H&F-controlling shareholder since 2015), Silverlake, ADIA and Capital G, will issue a senior secured floating-rate bond maturing in 2031 with a target amount of 700 million euros (see here a previous post by BeBeez). The company will also increase the revolving credit line from 180 to 300 million euros and extend the maturity. TeamSystem also stated that Hg Capital sold its remaining 5.45% in the business to to H&F. TeamSystem will invest the raised resources in new acquisitions, refinancing the M&A loans, a senior secured debt of 395 million, a 185 million floating-rate bond due 2028 placed in private placement in November 2022, a 195 million floating-rate bond due 2030 issued in private placement in October 2023, and part of the revolving line.
Alba Leasing, an operator that belongs to Banco BPM, BPER Banca, Banca Popolare di Sondrio and Crédit Agricole Italia, launched a revolving securitization of receivables from leasing contracts of SMEs. Sunny SPV 2 will issue asset-backed partly paid notes in two tranches (senior and junior) totaling 400 million euros against a securitized portfolio worth about 310 million (see here a previous post by BeBeez). The 320 million senior notes listed on the Milan market pay a coupon equal to the 3-month Euribor rate plus 200 basis points and mature in December 2045. International law firm Hogan Lovells advised Alba Leasing. Société Générale, arranger of the securitization received support from Chiomenti.
Equita Private Debt Fund III (EPD III), part of Equita Group, wants to raise at least 200 million euros by the end of the year ahead of a final taget of 300 million (see here a previous post by BeBeez). The fund is compliant with the Article 8 of the European SFDR.
Tper (Trasporto Passeggeri Emilia-Romagna), the mobility group that manages local public road transport in the provinces of Bologna, Ferrara, Modena and Ravenna, among others, received a green loan of about 11 million euros from Intesa Sanpaolo (see here a previous post by BeBeez). The company will invest these resources in purchasing additional electric vehicles for Corrente, Tper’s cars and scooters sharing service
TR Group, a subcontractor of semi-finished plastic and metal products, received a 4 million euro 8-year loan from Banco BPM with SACE’s warranty (see here a previous post by BeBeez). The company will invest these resources in implementing ESG strategies. With this financing, TR raised 15 million from banks in support of nearly 30 million for investments that will enable the company to reach revenues of 100 million. Roberto Ramondo is the ceo of TR Group.
On July 22, Monday, Rino Mastrotto (RM) will issue a 320 million euros senior secured bond listed on Luxembourg Stock Exchange with a variable coupon and maturity in 2031 (see here a previous post by BeBeez). RM is an Italian manufacturer of sustainable leather and textiles that belongs to NB Renaissance Partners (70%) and co-investor NB Aurora. Matteo Mastrotto, the company’s CEO, stated on previous occasions that the company is interested in acquisitions
