Italy’s NPEs investor Amco, the Italian NPEs investor that belongs to the Italian Ministry of Economy and Finance – MEF and Andrea Munari heads, completed the liability management transaction that started on 25 March, Tuesday, and completed a 300 million euros worth buyback of bonds (see here a previous post by BeBeez). On 26 March, Wednesday, AMCO placed a Luxembourg-listed 5-year senior unsecured bond maturing on 2 April with a face value of 600 million euros, a 3.25% annual coupon and a 99.447% issuance price. The bond has a BBB rating from Standard & Poor’s and Fitch, gives investors a 45 bps reward on top of Italian sovereign BTP and attracted a demand of above 1.6 billion or 2.6X the offer. The final spread amounts to 20 bps below the asking price. International investors subscribed to more than a half of the issuance that is part of AMCO’s 6 billion EMTN Programme. Crédit Agricole CIB, Deutsche Bank, Goldman Sachs International, Mediobanca, Santander, and UniCredit acted as Joint Lead Managers and retained Chiomenti. AMCO hired Clifford Chance. The company will invest the raised proceeds in repaying earlier a 2 billion senior unsecured bond with a 2.25% fixed rate issued in 2020 and maturing in July 2027 that received a BBB rating from Standard & Poor’s and BBB- from Fitch.
Ccr – Dea Capital Alternative funds is holding talks with Intesa SanPaolo for acquiring the financial liabilities of San Marino Outlet Experience, a project that also received the support of Banca Agricola Commerciale San Marino and that belongs to The Market PropCo (a vehicle of Borletti Group, Dea Real Estate Advisor and Vincenzo Buonocore), Aedes Siiq (40%) and VLG Capital (see here a previous post by BeBeez). The investment for developing the project amounted to a total of 200 million euros.
Centerbridge Partners wants to terminate the binding agreement that in September 2024 signed with Oaktree Capital Management for acquiring Banca Progetto, a firm that Banca d’Italia commissioned on 18 March, Tuesday (see here a previous post by BeBeez). Centerbridge filed with London Court a request for immediate cancellation of the contract as Banca Progetto did not solve the deficiencies related to its anti-money laundering controls. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors Banca Progetto, Oaktree Capital Management and Centerbridge and their portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
Ener2Crowd, an Italian platform and app for green investments, launched a securitization of SMEs credits worth 45 million euros that are part of the company’s Expandia programme (see here a previous post by BeBeez). Milan-listed illimity Bank acted as sole-arranger and acquired the senior notes while sources said to BeBeez that Azimut Eltif Private Debt Digital Lending acquired the junior notes. Niccolò Sovico, ceo, Paolo Baldinelli, executive chairman, and Sergio Pedolazzi, coo & cco, are the founders of Ener2Crowd. Expandia is a programme for financing Italian SMEs with tickets of 0.1 – 1.5 million and tenures of 12 – 60 months.
MIMIT-Ministero delle Imprese e del Made in Italy accepted the business plan of troubled automotive components producer Speedline for which Maurizio Castro, Mario Giovanni Patti, and Alfonso Celotto are acting as extraordinary commissioners (see here a previous post by BeBeez). MMIT is also investigating the management of the previous Swiss owner Ronal and the Callista fund that acquired the company in 2023. Speedline then went into insolvency on 15 October 2024 as debts amount to 25.5 million euros and sales of 42.4 million. The commissioners aim to sell the company to an industrial player.
