Download here the BeBeez Private Debt Report 2024 available for the subscribers to BeBeez News Premium and BeBeez Private Data.
In 2024, market participants and Italian companies closed deals worth above 37 billion euros (34.5 billion in 2023) that also include the transactions with independent fintech platforms such as FinDynamic and PlusAdvance that amounted to 8 billion (10 billion in 2023), BeBeez Private Debt Report 2024 says (see here BeBeez Private Debt Report 2023).
On 25 April, Friday, Milan-listed gambling company Lottomatica, a firm of which Apollo Global management has31.6%, said it completed the placement of senior secured bonds maturing on 31 December 2031 worth a total of 1.1 billion euros paying a 4.875% rate and a 100% issuance price (see here a previous post by BeBeez). The company said that its rating improved from BB- to BB (S&P) and from Ba3 to Ba2 (Moody’s). Lottomatica will also apply for the bonds dual listing on Luxembourg stock market and Euronext Access Milan Professional Segment (fka ExtraMOT Pro). The firm will invest such proceeds in refunding its 565 million 7.125% Senior Secured Notes due 2028 with their unpaid accrued interests and redemption premium. Lottomatica will also repay its 500 million Floating Rate Senior Secured Notes due 2030 with their unpaid accrued interests and related fees.
Aeroporti di Roma (AdR), a company of Mundys (fka Atlantia), a portfolio asset of Edizione and Blackstone Infrastructure Partners, placed a Dublin-listed sustainability-linked bond of 750 million euros maturing in June 2032 and paying a fixed rate coupon of 3.625% (see here a previous post by BeBeez). This issuance is part of AdR EMTN Programme and may have a Baa2 rating from Moody’s, BBB- from Standard & Poor’s and BBB- from Fitch. Banca Akros, Barclays, BNP Paribas CIB, Crédit Agricole CIB, IMI-Intesa Sanpaolo, Mediobanca, Natixis, Société Generale, and UniCredit carried on the issuance, structuring and placement. AdR’s debt is now ESG-labelled for more than 74%. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors Blackstone Infrastructure Partners and its Italian 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
Rossini, the vehicle through which CVC Capital Partners, PSP Investments, StepStone, and Alpinvest own 46.82% of Milan-listed pharma company Recordati, issued a 500 million euros PIK (Payment-in-kind) subordinated bond that will pay interests at its 2030 maturity (see here a previous post by BeBeez). The issuant will invest the raised proceeds in refinancing a previous PIK loan to Recordati’s shareholders which repaid the deeply subordinated bonds that Rossini Investments issued; financing the distribution of profits to the 46.82% owner; and paying the fees and expenses of the transaction. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors CVC Capital Partners, PSP Investments, StepStone, and Alpinvest and their Italian 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
ICM, an Italian general contractor, issued a minibond of 20 million euros and another of 5 million for supporting its organic growth in the next three years (see here a previous post by BeBeez). Banca Finint, placement agent, poured money in the bonds that attracted the resources of Mediocredito Centrale (anchor investor), Volksbank, Banco Desio, Banca Ifis, and Finest. Both the issuances have a 6-years tenure and an amortizing repayment profile. Hogan Lovells acted as deal legal counsel and advisor to the bondholders. Gianfranco Simonetto is the chairman of Icm which has sales of above 700 million.
