Credimi, the Italian invoice financing and lending fintech platform, carried on a securitzation for medium term loans to Italian SMEs amounting to 13 million euros (see here a previous post by BeBeez). Lumen is the spv for such a securitization that issued asset backed securities and may issue further asset-backed securities worth up to 60 million euro. Banca Generali acted as placement agent of the securities that Lumen issued. Anthilia Capital Partners sgr, Anima sgr, BG Fund Management Luxembourg sa (gruppo Banca Generali), Tikehau Capital, and Banca Sella subscribed Lumen’s securities. This is the first securitization of medium term loans by Credimi after the fintech platform started its activity focusing on invoice financing and added medium term lending just a few months ago.
CNH Industrial Capital Solutions, a provider of financial services for agricoltural automotive and machinery that belongs to CNH Industrial, has borrowed 100k euros with a 24 months tenure and an interest rate of 2.5% through the fintech lending platform October (see here aprevious post by BeBeez). The move in part of a program by October enrolling big European companies to show SMEs that alternative sources of financing are on the market versus traditional banks.
October launched October SME IV, an Eltif (European Long Term Investment Fund) targeting a 250-300 million euros fundraising and focusing on lending to European SMEs (see here a previous post by BeBeez). The first closing is due for September, while the fundraising will finish at the end of 2020. The fund will invest in Italy, France, Spain, The Netherlands, and Germany. The investment period will be of 2 years while the disposal period will last 6 years.
Generalfinance, an Italian provider of factoring financing to distressed SMEs, hired Massimo Racca, previously working at Banco BPM, as ceo of GGH – Gruppo General Holding (the holding that has the majority of Generalfinance, that belongs to General Finance’s ceo Massimo Gianolli) and Stefano Biondini, previously working at Intesa Sanpaolo, as the heat of Information Technology (see here a previous post by BeBeez). In 1H19 Generalfinance increased its turnover by 20% and the issued financing by 30% yoy. The company aims to post sales of above 600 million euros by the end of 2019 and above 1.2 billion in three years from now. Italian listed bank Creval has 46.81% of Generalfinance.
Friulia, the financial firm of the Friuli Venezia-Giulia Region, made 90 million euros financing available for the local SMEs (see here a previous post by BeBeez). Friulia has just financed two companies in Region in the last few weeks. One is Biolab, a company hat produces and sells organic products, and the other one is Venchiaredo, a company in the province of Pordenone specialized in the production of stracchino cheese.
Materassificio Montalese, an Italian producer of matrasses, issued a 2.5 million euros minibod that SICI sgr entirely subscribed (see here a previous post by BeBeez). The bond has a 5 years maturity with a pre-amortizing period of 1 year and a yield linked to the company’s development. The company will invest such proceeds in its organic development, said Antonio Caso, majority owner and ceo of the company, and Paolo Luchi, head of marketing and sales. The company has sales of 70 million euros, and a 6% ebitda margin.
Wiserfunding and fintech rating agency modefinance (holder of the certifications of CRA, ECAI and ESMA since 2015) launched the first European fintech rating service for European SMEs (see here a previous post by BeBeez). European SMEs will have the possibility to get a certified rating that will have 21 grades from top A1 to C3. Four further grades are available for insolvent or bankrupted companies. Valentino Pediroda is the ceo of modefinance, while Gabriele Sabato is the co-founder and ceo of Wiserfunding.
Phoenix Asset Management, a servicer of Npls and Utps, aims to expand its activities to the sector of Reocos (Real estate owned companies) that are spvs for acquiring, managing, and selling real estate assets that guarantee the securitizations (see here a previous post byBeBeez). The Italian Goverment recently approved tax incentives for Utps and Reocos.
Mirko Tramontano, previously ceo of New Credit Management, founded My Credit, a firm that invests in Npls and secured Utps (see here a previous post by BeBeez). My Credit aims to manage single name asset with a gross value of above one million euros and portfolios of Utps and Npls. The company has two subsidiaries Make Your Credit and Build your Credit.
Milan construction company Profed Italiana signed a new debt restructuring agreement with its lenders Banco Desio, Credito Valtellinese, Bcc Milano, Bcc Carate Brianza, Intesa Sanpaolo, UBI Banca and Banco BPM (see here a previous post by BeBeez). Profed reached such agreement after it sold an asset to an US company. Profed will invest such proceeds in the reimbursment of a relevant part of its banking debt that originally was 31.5 million euros worth.
Avellino Court accepted the receivership application of Sidigas, the local gas distributor that belongs to Gianandrea De Cesare (see here a previous post by BeBeez). By the next six months, the company will have to draft a restructuring plan for its 70 million euros debt (10 million of which are with the Inland Revenue). De Cesare owns basketball team Scandone Basket, and football team Avellino Calcio. The mayur of Avellino Gianluca Festa said that such decision of the Court may facilitate the sale of the two teams.