Bach BidCo, a special purpose vehicle of CVC Capital Partners, issued a 275 million euros worth secured bond for financing the acquisition of a controlling stake of Italian consulting firm Business Integration Partners (BIP) (See here a previous post by BeBeez). The bond pays a coupon of 3 Months Euribor plus 425 basis points and is due to mature in 2028. The issuance will refinance the bridge facility of 275 million that the fund received from BNP Paribas, Crédit Agricole CIB, IMI-Intesa Sanpaolo, and UniCredit Bank together with a revolving credit facility of 48.5 million.
HIG Capital closed the acquisition of Cesar di Barbarossa Enio e F.lli, Gruppo SDA Servizi Distribuzione Associati (SDA) and VDM, the main shareholders of Acqua & Sapone, an Italian chain of hygiene products shops (see here a previous post by BeBeez). Carlyle Global Credit and Pemberton Asset Management financed HIG. The Barbarossa family reinvested for a minority of Acqua e Sapone which has sales of 20.4 million euros, an ebitda of 41,000 euros and net cash in the region of one million. The three targets of HIG have aggregated revenues of 900 million. Pemberton Asset Management and HIG Capital are two private capital investors that BeBeez Private Data, the Database that BeBeez developed with FSI, monitors (find out how to subscribe for one month or one year).
The Basket Bond programme of Euronext Growth (fka Aim Italia) made its first issuance of 13 million euros out of a total of 50 million (see here a previous post by BeBeez). Cdp (50%), Mediocredito Centrale (MCC) and Banca Finnat Euramerica subscribed the issuance of seven-years bond of Milan-listed companies Comal (a developer of photovoltaic plants), Matica Fintec (a provider of IT services for banks) and Vantea Smart (a cybersecurity company). Comal’s bond is worth 5 million and pays a gross annual rate of 2.85%. The company has sales of 17 million with an ebitda of 1.8 million, net profits of 0.8 million and a net financial debt of 2.4 million. Matica Fintec issued an amortizing minibond with a 12-months pre-amortising period and a 2.9% yield. In 1H21, the firm posted sales of 7.1 million, an ebitda of 1.6 million and net profits of 0.608 million. Vantea Smart, a business that Simone Veglioni controls, issued a 4 million bond with a 2.85% rate. Such an issuance is part of a financing round of 10 million that includes two unsecured facilities that Banca MPS provided for 2 million and 4 million both with a rate of 1.25% and a tenure of 6 years. Vantea will invest such resources in its M&A pipeline. All the companies will invest the proceeds of the basket issuances in their organic development and M&A. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
In 3Q21, fintech platforms made available to Italian SMEs financing facilities worth 2.3 billion euros (one billion in 3Q20), said a report of ItaliaFintech, an association gathering a group of Italian fintech players (see here a previous post by BeBeez). Such data are in line with BeBeez Report about Italian Fintech published last September and available to the subscribers to BeBeez News Premium and to BeBeez Private Data (find out how to subscribe) who said that in 3Q21 fintech lenders and crowdfunding platforms issued facility for 2.3 billion (7.2 billion since 2015).
Alternative Capital Partners sgr launched SMes Alternative Credit Fund (SMAC), an ESG vehicle for acquiring pro-soluto in bonis commercial invoices and trading Super/Ecobonus tax incentives (see here a previous post by BeBeez). SMAC already invested 60 million euros through the subscription of Supply Chain Finance instruments of CashInvoice (with which signed an exclusive partnership). See here the BeBeez Reports about fintech paltforms and venture capital for January-August 2021 and for 2020 available for the subscribers to BeBeez News Premium and to BeBeez Private Data.
La Linea Verde Società Agricola, an Italian producer of fruit and vegetables, issued a seven-years minibond of 15 million euros with the green warranty of Sace that Unicredit subscribed (see here a previous post by BeBeez). The company has sales of 315 million and will invest the raised proceeds in its organic development and the optimization of the production process. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Crocco, an Italian packaging company, issued a 7-years sustainability linked minibond of 5 million euros that Unicredit subscribed (See here a previous post by BeBeez). The company will invest the raised proceeds in 4.0 industrial machinery. The company will pay a lower rate if it improves its EcoVadis ESG rating. Crocco has sales of 103.1 million, an ebitda of 10.2 million and a net financial debt of 9.6 million.
Gruppo Nord Petroli, a merchant of oil products, issued a bond of 800k euros maturing in 2028 that Mediocredito Trentino Alto Adige subscribed and for which InnovFin of the European Investment Fund provided its warranty (see here a previous post by BeBeez). Gruppo Nord Petroli has sales of 69.4 million, an ebitda of 2.4 million and a net financial debt of 8.9 million and will invest the raised proceeds in its organic development and in expanding its activities to sustainable source of energy.
NGM, a fashion retailer that belongs to Pool Holding, issued a short-term minibond of 300k euros placed on Fundera, part of Frigiolini & Partners Merchant, that Sici sgr (anchor investor) subscribed and due to mature on 22 October 2022 and pay a yield of 4.2% (see here a previous post by BeBeez). Sace provided a warranty for 80% of the issuance. NGM signed a call option for an early repayment with a reward for the investor. The bond is part of the Liquidità Immediata programme of Frigiolini & Partners Merchant. NGM has sales in the region of 10 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Ocrid, a manintenance provider for gas stations, issued a 200k euros minibond and placed it on Fundera, the crowdfunding portal of Frigiolini & Partners Merchant, (See here a previous post by BeBeez). The minibond is part of the programmes Finance 4 Automotive and Immediate Cash of Frigiolini & Partners Merchant and will mature on 20 October 2023 with a gross annual yield of 4%. The issuer signed a call option for the minibond that has a warranty of 80% from Fondo di Garanzia per le pmi and of 20% from Confidi Pmi Campania. Ocrid has sales of 2.5 million, an ebitda of little above 0.2 million and a net debt of 0.5 million.
Italian energy company 4Bio, a business that belongs to Green Arrow Energy Fund (51%) and Gruppo L&L (49%), received a green loan of 51.86 million euros from Unicredit (see here a previous post by BeBeez). The facility includes the warranty of Sace green for the senior tranche of 39.8 million and the access to the resources of the European Investment Bank (EIB). The loan’s VAT credit and working capital amount to 9.3 million and 2.5 million. Each line has six tranches. The company will invest these proceeds for the project finance construction of six biogas plants.
P&G sgr, a structured credit operator, will close with a positive return in November its CDO (Collateralized Debt Obligation) Zoo ABS 4 Plc that had been launched in April 2007. The annual yield for the junior tranche will be a record 14% (see here a previous post by BeBeez). The underlying assets of Zoo ABS 4 are ABS notes of debt assets of various kind.
Siena 2021 – RegCap-1, a synthetic securitization that earlier in July Montepaschi carried on with Christofferson Robb & Company, received the award Capital Relief Trades Awards 2021 of the Magazine SCI, Structured Credit Investor (see here a previous post by BeBeez). The portfolio is worth 800 million euros and includes SMEs loan classified as Stage-2, meaning not yet in distress but almost there.
In 1H21, Italian Bankruptcy Courts are now working at the same pace as they used to before the coronavirus emergency, said a report of Cherry, a provider of artificial intelligence based services for investors in credit (see here the company’s slide presentations) (See here a previous post by BeBeez).
The insolvency administrators of Italian shipping companies CIN (fka Tirrenia) asked Milan Court to carry on a sequestration of 180 million euros of Onorato Armatori, the holding of Vincenzo Onorato that controls the firm and Moby (see here a previous post by BeBeez). The administrators allege Onorato of CIN-Tirrenia bankruptcy and the Court will discuss such a request on 5 November, Friday. Moby has still to pay the due for the acquisition of 60% of Tirrenia-Cin whose value amounted to 376.9 million. The buyer paid 135 million in July 2012 and agreed to pay 62 million in February 2016 for refinancing the debt. Moby failed to pay the the payment of the remaining 180 million scheduled for April 2016 (55 million), April 2019 (60 million) and April 2021 (65 million).
Bain Capital Credit and Omnam Group signed a joint venture for developing the leisure-related NPEs sector (see here a previous post by BeBeez). The companies also acquired from Doros Real Estate the Como-based Hotel Britannia Excelsior which has sales of 0.130 million euros, an ebitda of minus 0.6 million and a net debt of 4.8 million.
Tre Holding sold Villa La Sfacciata, a Tuscany-based mansion, for 10 million euros, sources said to BeBeez (see here a previous post by BeBeez). The asset belonged to the Targetti family the previous owner of Italian lighting group Targetti Sankey. The sources also said to BeBeez that the family sold other real estate assets on top of a major sale of logistics assets announced last week (see here a previous article by BeBeez) so that Tre Holding was able to repay Tre Holding’s gross debt of 130 million that Illimity Bank acquired in May 2020 and is also going to pay an earn-out to lending banks who previously had sold their distrerssed credits to illimity.
Reggio Emilia Court accepted the receivership application of Italian food company Ferrarini that the Ferrarini family tabled with Pini Group (80% owner of the company since February 2019) and AMCO (See here a previous post by BeBeez). The Court scheduled the creditor’s meeting for the vote on 12 May 2022.
Italtel’s creditors accepted the company’s restructuring proposal (see here a previous post by BeBeez). PSC and TIM will receive the support of Clessidra Capital Credit that will play a pivotal role through the acquisition of Italtel’s 60 million face value UTPs from Banco BPM, Banca Ifis and UBI Banca, now part of Intesa Sanpaolo. Once implemented the restructuring plan, Italtel will belong to PSC (54%), Clessidra (28%) and TIM (18%). PSC has sales of 389 million and an ebitda of 48.3 millions.
