Iconic Italian wine maker Marchesi Antinori issued a 150 million US Dollar bond that Pricoa Private Capital subscribed (see here a previous post by BeBeez). The company will invest such resources in the acquisition of California’na’s Stag’s Leap Wine Cellars. Antinori declined to disclose the details of the deal and of the bond. However, the notes of the company’s board meeting that took place in June 2023 (available for the subscribers to BeBeez News Premium and BeBeez Private Data) say that the acquisition of Stag’s is worth 595 million and that the 150 million bond will mature in June 2033 and pays a 4.75% coupon. Antinori is mulling for a further issuance of 150 million that Pricoa could subscribe again. Intesa Sanpaolo, Cassa Depositi e Prestiti and Banca Nazionale del Lavoro also provided the buyer with further resources for the acquisition of Stag’s. Mediobanca 1H23 results say that Antinori raised acquisition financing facilities worth in the region of 500 million euros. Ste. Michelle Wine Estates sold Stag’s of which Antinori acquired a 15% in 2007.
Unicredit and Cassa Depositi e Prestiti (CDP) placed their second tranche of asset backed notes worth 53.5 million euros maturing in 6 years and with five minibonds as underlying items (see here a previous post by BeBeez). This transaction is part of the firm’s ESG Basket Bond Programme. Unicredit and CDP are mulling for a third placement of abs notes by the end of 2023. The basket bond provided Italian SMEs with 101,5 million for supporting their ESG strategies. A securitization spv subscribed the five bonds and issued abs notes that Unicredit and CDP acquired in even parts. The European Investment Bank provided a warranty for 90% of the bonds and up to 35% of the portfolio. Legance advised the investors.Cerved Rating Agency will appraise the implementation of the borrowers’ ESG strategies as of the third year after issuance. The following companies joined this tranche of the programme: Sacco (biotech – 17.5 million issuance); Ledoga, (producer of vegetal tannin – 15 million. In March 2020, the company issued a 10 million bond as part of Intesa Sanpaolo Basket Bond Programme); CDS Holding, (leisure – 10 million); Samso (energy services company – 8 million. It belongs to Asterion Industrial Partners since 2022); Eagleprojects (provider of project management services for the TMT and Energy sector – 3 million). The following companies joined the previous tranche of the ESG Basket bond programme in December 2022: Comat Servizi Energetici (12 million); Fitt (industrial company – 10 million); Lariotex (textile – 8 million); GDI (bathroom fixtures producer – 6 million); Ferretto Group (wharehouse authomatization – 4 million); Autuori Group Logistics (3 million); S.P.I. Studio Progettazioni Industriali (insulating doors and windows – 3 million); C.M.T, Compagnia Manifatture Tessile (fashion – 2 million).
Europa Risorse received a 40 million euros green loan from Unicredit for acquiring a 62200 sqms land in Turin area (see here a previous post by BeBeez). The fund will develop a logistic asset. Simmons & Simmons assisted Europa Risores while Unicredit retained Osborne Clarke.
Italian car rental Locauto said it received from Banca Monte dei Paschi di Siena (MPS) a 15 million euros green loan with a four years tenure for which SACE provided a warranty (see here a previous post by BeBeez). Locauto will invest such proceeds in the acquisition of vehicles with low emissions of CO2. Locauto has sales of 179.3 million, an ebitda of 33.4 million and a net financial debt of 44.9 million. The company belongs to ceo Raffaella Tavazza (14.85%), the founded Mario Tavazza (12.32%) and to other shareholders.
TeamSystem Capital at Work (TSCAW) started to raise resources for FPAM1, a vehicle that will cash invoices that the Italian public administration will pay (see here a previous post by BeBeez). Milan-listed BFF Banking Group is the fund’s anchor investor. Earlier in March, BeBeez Magazine quoted Riccardo Carradori, the ceo of TeamSystem Financial Value Chain (TFVC) and chairman of TeamSystem Capital at Work, as saying that the fundrising target for the firm’s cash invoince funds was of 400 million euros. TFVC and TSCAW belong to TeamSystem, a portfolio company of Hellmann & Friedman, Hg Capital, Silverlake, Abu Dhabi Investment Authority (ADIA), and CapitalG. Michele Antognoli is the VP Factoring & Lending of BFF Banking Group
