On 26 March, Wednesday, AMCO, the Italian NPEs investor that belongs to the Italian Ministry of Economy and Finance – MEF and Andrea Munari heads, placed a Luxembourg-listed 5-year senior unsecured bond maturing on 2 April with a face value of 600 million euros, a 3.25% annual coupon and a 99.447% issuance price (see here a previous post by BeBeez). The bond has a BBB rating from Standard & Poor’s and Fitch, gives investors a 45 bps reward on top of Italian sovereign BTP and attracted a demand of above 1.6 billion or 2.6X the offer. The final spread amounts to 20 bps below the asking price. International investors subscribed to more than a half of the issuance that is part of AMCO’s 6 billion EMTN Programme. Crédit Agricole CIB, Deutsche Bank, Goldman Sachs International, Mediobanca, Santander, and UniCredit acted as Joint Lead Managers and retained Chiomenti. AMCO hired Clifford Chance. The company will invest the raised proceeds in repaying earlier a 2 billion senior unsecured bond with a 2.25% fixed rate issued in 2020 and maturing in July 2027 that received a BBB rating from Standard & Poor’s and BBB- from Fitch.
Hippocrates Holding, an Italian drugstores network of which Antin Infrastructure Partners has 80%, attracted further banking facilities of 350 million euros and issued a bond for extending the maturity of the liabilities that borrowed in December 2022 (see here a previous post by BeBeez). The company has now credit lines for above 1.25 billion. The notes of the company’s board of 4 March, Tuesday (available for the subscribers to BeBeez News Premium and BeBeez Private Data) say that Hippocrates issued a 560.1 million senior secured bond maturing on 31 December 2029 that pays a 3M Euribor + 425 bps coupon (step-up from 2027). Hippocrates attracted the resources of Intesa Sanpaolo, Natixis, Banco BPM, Banca Ifis, Crédit Agricole Corporate and Investment Bank, Goldman Sachs, Kommunalkredit Austria, Banque Nomura France, Société Générale, BPER Banca, BNP Paribas Asset Management Europe, Edmond De Rotschild, Rivage Investment, and Anima Alternative. Antin and Hippocrates Holding retained Ashurst while Latham & Watkins and Maisto e Associati assisted the lenders. Davide Tavaniello and Rodolfo Guarino, co-ceos, founded Hippocrates in 2018 and have 20% of the company. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors and its portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
Milan-listed ICT Inwit -Infrastrutture Wireless Italiane hired Bnp Paribas and Mediobanca as dealer managers for launching a buyback of 300 million euros worth bonds maturing on 8 July 2026, a transaction part of the company’s 4 billion programme (see here a previous post by BeBeez). Ardian Infrastructure and Crédit Agricole Assurance have 30.8% of Inwit while Vodafone and OAK has 33.2%. Inwit said that current bondholders will have the priority for tendering to the offer. The company will pay in cash the bonds buyback ending on 31 March, Monday, upon the completion of a new issuance.
Israel’s NYSE-listed Ellomay Capital attracted a 110 million euros project finance facility for the development of 198 MW renewable energy plants in Italy (see here a previous post by BeBeez). Watson Farley & Williams assisted the company, White & Case advised the intestor.
Italian tmt infrastructures company Valtellina issued a five-years 20 million euros minibond with an amortising repayment plan that UniCredit subscribed (see here a previous post by BeBeez). SACE provided a warranty for such an ESG-linked issuance. Valtellina will pay a lower interest upon the achievement of sustainability targets that EcoVadis will assess. Italfinance, part of Facile.it, assisted Valtellina. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors Valtellina and its investors. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
Stefano Vecchi, the ceo of Banca Investis since May 2023, will replace Ilaria Romagnoli as head of Symphonia and its asset management unit (see here a previous post by BeBeez). Such an interim appointment testify an increasing centrality of Symphonia for Investis, Vecchi said to BeBeez.
