Italy’s private debt, corporate finance and NPLs weekly roundup. News from UEFA, Banca Valsabbina, F2i, Euricom, SDF, Hines, Casillo, LCT, Puglia Basket Bond, Minerali Industriali, SIderalba, AMCO and more

UEFA is mulling for the issuance of a 6 billion euros financing facility for supporting the football clubs that faced the coronavirus turmoil (see here a previous post by BeBeez). A pool of banks that Citigroup and Unicredit lead would provide the resources. UEFA’s clubs may have access to credit lines with a convenient interest rate for restructuring their debts and extending them by 5-7 years. The repayments would be linked to the UEFA tournaments that the clubs will join. 

Banca Valsabbina carried on an STS securitization of a portfolio of 1,4 billion euros loans to Italian SMEs  (see here a previous post by BeBeez). The bank sold a portfolio of corporate mortgage and unsecured credits for 503 million and in November it will sell another portfolio of 880 million. Valsabbina SME 3 SPV acquired the credits and issued two tranches of asset backed partly paid notes. The senior Milan-listed amount is worth 980 million and received a rating of A2 (Moody’s) and A (DBRS) rating. The junior tranche amounts to 420 million and is unrated. In the first two years, the transaction will have a revolving structure and the spv will be able to purchase from Banca Valsabbina further SMEs loans investing the proceeds from the previously transferred portfolios.  

Italian investor in infrastructures F2i is mulling for the launch of a debt fund, ceo Renato Ravanelli said (see here a previous post by BeBeez). The investor set a fundraising target of 300-500 million euros for financing infrastructures together with banks. 

Euricom, an Italian rice company, received a 6-years financing facility of 95 million euros with the warranty of SACE (See here a previous post by BeBeez). UniCredit, Banco Bpm, Banca Popolare di Sondrio, and Cassa Depositi e Prestiti provided the resources. The company will invest these proceeds in acquisitions and in its international development. Euricom has sales of 660 million with an ebitda of 43 million.

Same Deutz-Fahr (SDF), an Italian producer of tractors, harvesting machinery and diesel engines, received a 50 million euros sustainable loan from Intesa Sanpaolo  (see here a previous post by BeBeez). The facility has a tenure of 3 years with interest rate indexed to euribor with a pricing linked to the achievement of ESG targets. The company aims to use 100% of renewable energy by 2022 for its production. SDF has sales of 1.146 billion, an ebitda of 96.4 million and a net financial debt of 167.9 million. 

Hines received a 64.5 million euros facility for acquiring Milan-based real estate assets (see here a previous post by BeBeez). Hines will invest more than 120 million for purchasing and refurbishing the assets. 

Gruppo Casillo, an Italian weath trader, received a 10.47 million euros financing facility from Unicredit for purchasing a Milan’s buolding to refurbish and sell as a luxury asset (See here a previous post by BeBeez). Casillo has sales of 1.49 billion, an adjusted ebitda of 41.8 million and a net financial debt of 318.3 million.

LTC Group, an Italian producer of industrial components, received from Intesa Sanpaolo a 10 million euros facility for acquiring 4.0 machinery and a 5 million US  Dollars for purchasing 4.0 goods for its Dubai subsidiary (see here a previous post by BeBeez).  Intesa Sanpaolo will take these resources from the 6 billion euros it allocated for incentivizing the development of the circular economy in Italy. The Bertelli family is the controlling shareholder of LTC Group which has sales of 108.2 milllon euros, an ebitda of 5.2 million and a net financial debt of 4.2 million. 

Banca Progetto, an Italian challenger bank of which Oaktree Capital Management has 54% since December 2015, signed an agreement with AMCO for issuing financing facilities (see here a previous post by BeBeez). The agreement envisages the possibility for Banca Progetto to provide subsidised loans to those who borrowed from Amco after the assignment of portfolios of loans secured by salary-backed loans to the firm. Part of the granted loans will repay all or part of the debt owed to Amco.

Puglia Basket Bond programme included 7 new minibonds issued by local SMEs for a total of 35 million euros (see here a previous post by BeBeez). So now the PBB programme includes 21 minibonds for a total of 87.2 million euros. The minibonds are always bought by securitization spv Garibaldi Tower Basket Bond which issues asset backed securities that Cdp and Mediocredito Centrale subscribes. Puglia Sviluppo provides a 25% warranty for each issuance. The companies that lastly joined the programme are:  

• • Le Buone Farine, a flour trader and a packaging company that will invest the 2 million proceeds in increasing its production capability.  
  • Sir, a waste management firm and a provider of port services, that raised 5.5 million that will invest in its organic development.  
  • Dalena Ecologia that will invest the 4 million it raisd in its organic growth 
  • DFV, a provider of painting services, issued a minibond of 8.5 million for financing its organic development and acquisitions.  
  • Manelli Impresa, an Italian contractor, that issued a minibond of 6.35 million for increasing its production capability.  
  • Mangini, a producer of furniture for business areas, issued a minibond of 4.85 million for financing its organic development and acquisitions.  
  • Roboze, a producer of 3D printers, issued a 3.8 million minibond for increasing its production capability.

Minerali Industriali, an Italian producer and trader of commodities, issued a 6-years sustainability-linked minibond of 16 million euros that Unicredit subscribed (see here a previous post by BeBeez). The interest that Minerali Industriali must pay will lower if the company will improve its ESG rating that received from EcoVadis. Minerali Industriali has sales of 132 million and an ebitda of 17.3 million. 

Sideralba, part of iron and steel producer Rapullino, issued a Milan-listed 12 million euros minibond due to mature in January 2027 that pays a 1.75% coupon (see here a previous post by BeBeez). Sideralba belongs to Luigi Rapullino (45.18%), Tommaso Rapullino (45.18%) and Rosanna Di Leonardo (9.64%). The company’s turnover amounts to 222.8 million, an ebitda of 21 million with a net financial debt of 22.8 million. Sideralba will evenly invest the raised proceeds in the growth of the Italian business and the working capital of the production plants.  The bond was subscribed  by Cassa Depositi e Prestiti (CDP 5 million), Mediocredito Centrale (MCC 5 million) and Banca di Credito Popolare (BCP 2 million) (see here a previous post by BeBeez). 

Retex, a provider of services for the retail and the big distribution sectors, issued two minibonds of 5 million euros each (see here a previous post by BeBeez). Cassa Depositi e Prestiti (CDP) and Finlombarda subscribed one issuance in the fram of the Elite Basket Bond Lombardia programme. Veneto Sviluppo, Solven, Fondo Pensione Solidarietà Veneto, Finlombarda, Consultinvest, and Neafidi subscribed the other bond. Retex belongs to Alkemia (fka Nem – 25.8%) and Boutique Italia, a pre-IPO investor. Retex has sales of 26.6 million and an ebitda of 1.6 million. The company will invest the raised proceeds in completing the acquisition of its subsidiary Venistar. 

Fratelli Carli, an Italian producer of olive oil, issued a 5-years green minibond of 4 million euros that Unicredit subscribed (See here a previous post by BeBeez). The company committed to achieve ESG targets. The company hedged itself from interest rate risks through a mechanism of rate reduction linked to the achievement of ESG targets.

On 6 August, Friday, MT Ricci, an innovation company operating in the field of seismic risk prevention of which Italian contractor Ricci owns 67%, issued a Milan-listed minibond of 2 million euros due to mature on 6 August 2027 and paying a fixed coupon of 2.6% (see here a previous post by BeBeez). Ricci will warrant the issuance. Sources said to BeBeez that Bcc di Roma subscribed the minibond. Further owners of MT Ricci are Mario Ricci (ceo, 16.66%) and Tullio Ricci (chairman, 16.66%). The company has sales of 0.201 million, losses of 0.254 million and will invest the raised proceeds in its organic development. Ricci has a turnover of 42.4 million, an ebitda of 2.1 million and net profits of 0.663 million. Cerved increased the company’s rating from B2.2 to B2.1. 

Agrostar, a provider of services for agricolture, received a fixed-rate senior unsecured direct lending facility of 2 million euros with a tenure of 5 years due to mature on 30 September 2026 (see here a previous post by BeBeez). Hedge Invest subscribed the loan which has a quarterly reimboursement plan after an initial preamortisation period of 12 months. Agrostar has sales of 7.8 million, an ebitda of 0.292 million and net cash of 0.504 million. Paolo Bellardi, the ceo of Agrostar, said that the company will invest such raised proceeds in acquisitions for expanding abroad. 

Easytech placed its 1.5 million euros minibond on CrowdBond, the platform of Opstart (see here a previous post by BeBeez). The issuance has a maturity of five years with a fixed rate coupon of 4.5%. The deadline for subscribing the issuance is 20 September, Monday. Easytech has sales of 3 million with an ebitda of 0.291 million and will invest the raised proceeds in acquisitions. 

Pasta Zara finally received from AMCO a 25 million euros facility as part of the receivership procedure that Treviso Court accepted in January 2020  and that the company has been so waiting for since March 2020 (see here a previous post by BeBeez). As part of such agreements, Pasta Zara sold to Barilla a production plant for 118 million. The Bragagnolo family owns a controlling stake of Pasta Zara, while Friulia has 10.34% and Sace-Simest 14.86%.  The delay has been due to a legal battle that was pursued in the meantime by some other creditors and that was resolved just last April.

Back2Bonis a vehicle for investing in real estate corporate UTPs that belongs to Prelios and that attracted the resources of AMCO and Italian banks, is offering a 50-70% reimbursement to commercial creditors of Fondo Umbria – Comparto Monteluce, managed by BNP Paribas REIM sgr and owning land that Regione Umbria and Perugia University brought in back in 2006 (see here a previous post by BeBeez). Back2Bonis has previosly bought UTP credits from Monteluce’s lending banks and is willing to invest up to 7 million euros in commercial creditors’ reimbursement and in finalizing real estate development works in the area before selling it.

In 1H21, Axactor Italy, the Italian subsidiary of Oslo-listed investor in NPLs Axactor, generated a turnover of 14.3 million euros (+13% yoy) (See here a previous post by BeBeez). The head company Axactor generated a 1H21 turnover of 127 million (+50% yoy). The investments in Npls amounted to 12.3 million with a gross IRR of above 47%.