Carraro, the Italian producer of components for agricoltural and industrial vehicles, placed a Milan-listed 120 million euros worth unsecured senior bond through its subsidiary Carraro Finance (see here a previous post by BeBeez). Equita sim acted as placement agent for the issuance maturing in June 2028 and paying a 7.75% coupon. The offer closed on 25 October, Wednesday, six days earlier than the scheduled deadline. The company will invest such proceeds in refinancing its debt and repaying a previous bond of 180 million.
Stellantis Financial Services Italia (Stellantis FS), the captive bank of automotive firm Stellantis Group, carried on a securitization of car loan portfolios worth a total of 760 million euros compliant with the European “Simple, Transparent and Standardised” (STS) rules (see here a previous post by BeBeez). The spv Auto ABS Italian Stella Loans 2023-1 subscribed with Stellantis FS a Master Receivables Transfer Agreement for the sale of credits in the next 14 months, 760 milioni di euro. The spv issued asset-backed notes. The Luxembourg-listed senior and mezzanine notes received the following ratings from DBRS and Fitch: AA(high)\AA for Class A; AA(low)\A+ for Class B; A(high) and BBB+ per Fitch for Class C, BBB(high)\BBB- for Class D; BBB(low)\BB+ for Class E. Zenith Service (part of Arrow Global) acted as corporate servicer, calculation agent and bondholder representative; Banco Santander as arranger and as joint lead manager with Bank of America Securities Europe and Unicredit Bank. Jones Day and Hogan Lovells provided legal assistance.
Amsterdam-listed MotorK receided a direct lending facility of 5 million euros with a four-years tenure from Atempo Growth, a venture debt fund that Matteo Avramov Giulivi, Luca Colciago and Tommaso Parisi (three alumni of Kreos Capital, a firm that BlackRock acquired earlier in August) created in 2021 (see here a previous post by BeBeez). The company will invest such proceeds in R&D and innovation. Marco Marlia (ceo), Marco De Michele, Fabio Gurgone, and Tommaso Parisi founded MotorK in 2010.
Mediceram, an Italian furnitre and design firm, issued a 1.5 million euros minibond and placed it on CrowdBond, part of Opstart (see here a previous post by BeBeez). DWF acted as legal advisor to the company that will invest the raised proceeds in the development of Novaotto, a platform for exporting high-end Italian design brands in China. The bond will mature on 8 November 2028 and pays a coupon of 8.25% while MCC provided a warranty for 80% of the amount.
Cipriani Profilati, an Italian B-corp producer of components for windows, issued a 5-years (one year of pre amortising) one million euros minibond that Banca Valsabbina subscribed (see here a previous post by BeBeez). Studio LX 20 assisted the company that will invest such proceeds in its organic growth. Giuseppe Cipriani (ceo) owns 95.26% of Cipriani Profilati which has sales of 122.7 million and an ebitda of 7.3 million.
