Rekeep (fka Manutencoop Facility Management), an Italian integrated facility management, refinanced its financial liabilities through the issuance of a senior secured bond maturing in 2029 with principal amount of 360 million euros, 97.5% issuance price and an annual rate of 9% payable every six months in arrears (see here a previous post by BeBeez). The deal attracted the interest of 180 institutional investors from Europe and the UK. Rekeep will invest such proceeds in repaying a 370 million bond (plus accrued and unpaid interest and additional amounts) maturing in 2026 with a 7.25% coupon. Rekeep also signed for a 55.5 million RCF revolving facility that will replace the previous 75 million loan agreement. J.P. Morgan and UniCredit acted as joint global coordinators and joint physical bookrunner; Goldman Sachs International and Banca Akros held the role of joint bookrunners. Latham & Watkins, Maisto e Associati, EY and Vitale&Co provided further advisory support. Milbank and PedersoliGattai assisted the banks.
A+B Industrial Tools Company and Boffetti, an electrical plants technology firm, carried on two 6-years sustainability-linked issuances for a total of 20 million euros as part of the basket bond programme of Sella, Cassa Depositi e Prestiti and Mediocredito Centrale (MCC) with a 200 million target (see here a previous post by BeBeez). SBB spv acquired the securitization notes of the bonds ahead of issuing asset backed facilities that CDP (40%), MCC (40%) and Banca Sella (20%) will purchase. A+B and Boffetti will invest the raised proceeds in the implementation of ESG strategies and will pay a lower interest rate upon the achievement of specific sustainability target (step down coupon). A+B Industrial Tools Company issued a 12 million minibond that will also finance domestic and international M&A deals. Boffetti’s minibond amounts to 8 million. The company will invest such proceeds in purchasing instrumental goods and supporting multi-year backlog with prime customers. Gardant acted as servicer, corporate servicer and monitoring agent, Chiomenti as deal counsel. Cerved Rating Agency released a Second Party Opinion about the sustainability KPI alignment in consistence with ICMA (International Capital Market Association) directives. The following companies joined the basket bond programme that issued minibonds for 88.5 million:
- Star7, the Italian subsidiary of language services Swiss Star, (20 million; 7 years and 4.75% coupon) that invested the proceeds in the acquisition of Irish competitor LocalEyes.
- Ciemme Alimentari (4.5 million – 7 years), a food company that financed its organic growth.
- GA.MA (10 million – 7 years), a producer of devices for the cosmetic sector;
- FAB (10 million – 7 years), a producer of kitchen components;
- Centro di Riabilitazione Lars (5 million – 7 years), a provider of rehab services.
- Dream Project (3 million – maturity in 2028), a fashion firm
- Cittadini dell’Ordine (4 million – maturity in 2030), security services
- Manelli Impresa (12 million – maturity in 2030), construction.
See here the October 2024 BeBeez Report Basket Bond available for the subscribers to BeBeez News Premium and BeBeez Private Data. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors SBB spv and the companies that carried on issuances that are part of the Basket Bond programme. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
