Tages Capital sgr received a green loan of 1.1 billion euros, launched Tages Helios Net Zero, a renewable energy vehicle, while its private debt fund will be operative soon (see here a previous post by BeBeez). The financing facility is compliant with the principles of the Loan Market Association. BNP Paribas Italia, Intesa Sanpaolo, Société Générale, Banco Bilbao Vizcaya Argentaria, Bayerische Landesbank Anstalt, Banco BPM, BPER Banca, and CaixaBank acted as lenders to Ortigia Power 61, a portfolio company of Tages Helios II. The loan has 8 tranches all maturing on 31 December 2033 except a revolving credit facility maturing on 30 June 2034.
Sella, Cassa Depositi e Prestiti and Mediocredito Centrale (MCC) carried on the second issuance of 25 million euros for its basket bond programme aimed at supporting SMEs (see here a previous post by BeBeez). The financial firms already made a first issuance of 24,5 million and set a total target of 100 million. The companies that joined the programme are: GA.MA, an Italian producer of haircare items (10 million); FAB, a manufacturer of kitchen components (10 million) and Centro di Riabilitazione Lars, an elderly care firm (5 million). These bonds will mature in 7 years. Banca Sella (20%), CDP (40%) and MCC (40%) subscribed the notes that a Special Purpose Vehicle (SPV) issued. Gardant acted as Servicer for the subscription of Milan-listed minibonds.
Seven, the Italian manufacturer of iconic satchels Invicta that belongs to Green Arrow Capital, issued a 5 million euros six-year bond that Unicredit subscribed (see here a previous post by BeBeez). The amortising plan fits around the company’s needs and will finance the acquisition of 75% of Incall, a stationery producer. Seven retained Studio Cavalitto-Broccio and Grimaldi e Associati as legal and financial advisors. This bond’s issuance is also linked to the achievement of ESG targets.
Unicredit launched the project One4Cinema for supporting media and entertainment companies with financing facilities and credit lines (see here a previous post by BeBeez). With One4Cinema Unicredit intends to expand its support to the sector that has already led the bank to finance the sector in the last two years with over 200 million euros in loans (medium-long term, short-term lines, etc.) net of Tax Credit. Moreover Unicredit, through its so-called Basket Bond di filiera (ie supply chain basket bond), has subscribed a total of four bonds issued by SMEs active in the movie sector: Minerva Pictures, Iervolino and Lady Bacardi Entertainment spa, Leone Film Group and Lucky Red.
Illimity sgr, the asset management company investing in NPEs that Paola Tondelli heads, launched Real Estate Credit, a real estate UTP fund (see here a previous post by BeBeez). The first closing amounts to more than 170 million euros of credits with 77 real estate companies.
Banca CF+ will provide Italian packaging company Scandolara with factoring services in support of the working capital (see here a previous post by BeBeez). The facility is worth 30 million euros. Founded in 1919 in Tradate, Varese, by the Scandolara-Gussoni family, Scandolara has been undergoing a turnaround process for years, which forced it to rely on credit lines with various banking institutions and to reorganize the business structure as happened with the sale of 100% in 2016 of its subsidiary Scandolara Tub-Est to the Albéa Group, a multinational world leader in cosmetics packaging. In 2021 the illimity Credit & Corporate Turnaround Fund, the fund that invests in UTP managed by illimity sgr, acquired a medium-term loan from BNL versus Scandolara for a price of around 50-60% of the nominal. On the short-term debt front, on the other hand, Banca CF + has now refinanced a previous factoring contract still in place with BNL, giving further support to company development.
Pillarstone Italy officially acquired 70% of Scarpe & Scarpe, an Italian shoe retailer in receivership (see here a previous post by BeBeez). Pillarstone converted in equity the company’s debt that was part of a portfolio of Utps with a face value of 750 million euros that the fund acquired in 2020. The Pettenuzzo Family will keep 30% of Scarpe & Scarpe. Marcello Pace and Fabio Pampani will be the ceo and chairman of Scarpe & Scarpe Pittarosso.
In 1H22, Fire Group, an Italian servicer for distressed credits that chairman Sergio Bommarito heads, generated revenues of 30.4 million euros (+22% yoy) with an ebitda of 6.8 million (+161%) and a 22% margin (see here a previous post by BeBeez). In 2021 generated sales of 55 million.
Troubled Italian online retailer ePrice filed with Milan Court an application for restructuring its debt after the receivership application failed (see here a previous post by BeBeez). Negma, an investor in equity/debt financing, reiterated its interest in subscribing a multi-tranche convertible bond of 20 million of ePrice. Negma would also provide further resources and eventually invest in a capitali increase through PIKs.
EcorNaturaSì, the Italian chain of retailers for bio food, received a mid-long term financing facility from Unicredit and Banca Nazionale del Lavoro and a mid-long term unsecured credit line from Intesa SanPaolo (See here a previous post by BeBeez). The financing is worth a total of worth a total of 60 million euros. Ecornaturasì will invest such proceeds in rebalancing its banking debt. The company is in troubles since 2018 when it generated a net debt of 115 million, sales of 389 million and losses of 18.4 million. In 3Q21 the debt of EcorNaturaSì was of 74.7 million.
