Sources said to BeBeez that Isab, the owner of the refining, gasification, and cogeneration power plant at the Priolo Gargallo (Syracuse, Sicily) petrochemical hub, issued a 75 million subordinated bond that shareholders subscribed and that received a 350 million euros financing from a securitization spv that illimity Bank structured (see here a previous post by BeBeez). GOI Energy Limited, a company of Argus Management (a private equity fund that managing director Michael Bobrov leads), owns GOI Energy since 2023. The special purpose vehicle issued abs notes that illimity Bank will underwrite for 52 million while Trafigura, a strategic partner of Isab, will purchase the remaining amount. Isab will invest these resources to support ESG investments totaling 1.4 billion for the period 2024-2033.
Sunprime Holdings, an independent Italian producer of renewable energy from photovoltaic plants that belongs to Israel’s Nofar Energy and Noy Fund, received a 204 million euros project finance facility from the European Investment Bank (EIB) and Natixis CIB (see here a previous post by BeBeez). The company will invest these resources in the construction and operativity of more than one hundred rooftop and ground-mounted photovoltaic plants throughout Italy, with an installed capacity of up to 220 MW.
Italcer, the ceramics hub that CEO Graziano Verdi and Minduful Capital Partners set up and in which Miura and Capital Dynamics also invested, refinanced the 201 million euros unitranche bond debt issued in 2018 and maturing next October (see here a previous post by BeBeez). Italcer also received a 150 million senior loan from Banco BPM, Banco Bilbao Vizcaya Argentaria, CaixaBank, Crédit Agricole Italia, Cassa Depositi e Prestiti, BPER Corporate Investment Banking, BNL BNP Paribas and Banca Monte dei Paschi di Siena. The company issued a subordinated bond for the remaining debt to refinance and Oak Hill Advisors (OHA) subscribed. Italcer received assistance from PwC, Legance and Gitti & Partners.
Eurizon Capital Real Asset, a vehicle of Eurizon Capital (Intesa Sanpaolo), Intesa Sanpaolo Vita, BancoPosta Fondi and PosteVita, raised 156 million euros in commitments (above the target of 150 million) for ECRA Private Debt Fund which now wants to reach the hard cap of 200 million (see here a previous post by BeBeez). Intesa Sanpaolo, Intesa Sanpaolo Vita, CdP (cornerstone investor), FOF Private Debt Italia, FII Private Debt Italia Due, Inarcassa, and BPER Corporate & Investment Banking contributed to this first round of funding. The fund is an Article 8 SFDR vehicle. Silvana Chilelli is the managing director of Eurizon Capital Real Asset.
Silvateam and Silvachimica, part of Gruppo Silvateam (a producer of pectin and thickeners for the food industry), each issued a minibond with a 6-year term totaling 7 million euros (see here a previous post by BeBeez). UniCredit and Mediocredito Centrale underwrote the bonds under the Basket Bond Made in Italy BBMI program, with coverage from MCC’s Guarantee Fund. Sources said to BeBeez that the BBMI program so far includes 15 issues totaling 39 million. Silvateam will invest these resources to develop ERP management software and to support growth through acquisitions. Silvachimica will invest the resources raised in its organic growth.
Fondo di Debito Infrastrutturale IDF1, a vehicle of F2i, raised more than 500 million euros from more than 30 Italian and foreign investors, including pension funds, provident funds, banking foundations, insurance companies, banking institutions and family offices (see here a previous post by BeBeez). IDF1 will provide companies active in the infrastructure sector in Italy and Europe with senior and junior financing. Gianluca Gustani, chief investment officer Debt and senior partner of F2i’s Debt Investment Area, leads IDF1. F2i said it is already studying the launch of a second infrastructure debt fund.
Anthilia Capital Partners, Tenax Sustainable Credit Fund, Gruppo BCC Iccrea, BCC Banca Iccrea and BCC Colli Albani have subscribed to a 25 million euros bonds that Madre Holding (MH), an Undo company that aims to manage acquisitions of photovoltaic plants, issued to support its business plan (see here a previous post by BeBeez). L&B Partners and RP Legal & Tax advised MH. Anthilia Capital Partners acquired a 10m bond, maturing on 31 December 2029 with a floating rate coupon of Euribor (zero – floor) plus 5.45%. BCC Banca Iccrea and BCC Colli Albani both subscribed to bonds worth a total of 7.5 million maturing on 31 December 2029 and with a floating rate coupon of the Euribor (zero floor) plus a 4.75%, a spread that can decrease by up to 50 basis points and increase by up to 25 basis points depending on the performance of Madre Holding’s Net Debt/Ebitda ratio. MH offered a first lien on 100% of its capital as collateral for these two bonds. Tenax Sustainable Credit Fund subscribed to a EUR 7.5m bond maturing on 30 June 2031 with a a floating rate coupon of the Euribor (zero floor) plus a spread 5.65% that can decrease by up to 40 basis points in light of Mother Holding’s ESG rating improvements. MH offered a second lien on 100% of its capital as collateral for this bond.
