Sources said to BeBeez that Banca Sistema lanuched a securitization programme for tax credits worth 300 million euros that Nectar spv, a vehicle that the arranger Phinance Partners structured, will acquire ahead of issuing asset backed noted in different tranches (see here a previous post by BeBeez). Banca Sistema will purchase the senior tranche while Pollen Street Capital will buy the junior tranche. The bank already acquired tax credits of 90 million coming from the superbonus – 110% tax incentive for improving the energy efficiency of buildings in Italy. Bird & Bird assisted Pollen Street Capital, while Legance advised Banca Sistema. Banca Finint acted as corporate servicer, representative of noteholders and calculation agent. BNP Paribas will be Nectars’s payments agent. Andrea Trupia heads the factoring unit of Banca Sistema. Francesco Cilloni is the Investment director of Pollen Street Capital.
Gruppo Impreme, a real estate company that the Mezzaroma Family sold to Värde Partners in 2020 through a 150 million euros worth convertible financing, finalised its turnaround earlier than expected (see here a previous post by BeBeez). Ditta Federici & Igliori per Costruzioni Edilizie, a subsidiary, attracted a 50 million worth direct lending facility from a vehicle that Gardant manages and in which Hayfin Capital Management poured its resources. In 2020, Impreme received from Varde 42.5 million for repaying its 130 million bond that HIG Capital acquired and a further 25 million for its business plan implementation. Impreme repaid such bonds while HIG Capital repaid the loan on loan that received from Intesa SanPaolo and HSBC. K&L Gates, Gatti Pavesi Bianchi Ludovici, A&O Sherman, and Cappelli Rccd assisted Varde Parnters and Impreme. Macfarlanes and Giovannelli e Associati assisted the direct lending fund. DLA Piper advised HIG Capital. Intesa Sanpaolo and HSBC retained Simmons & Simmons.
Italian credit servicer doValue‘s subsidiary doValue Greece Real Estate Services signed a property management with a Greek bank for 2000 assets with a net book value of 200 million euros (see here a previous post by BeBeez).
