Luxembourg Sicav Zest Asset Management launched Héra Zest Npe Fund, a closed-end alternative fund that aims to invest in grossly worth 1- 50 million euros distressed credits backed by real estate assets (see here a previous post by BeBeez). The fund has the form of Raif (Reserved alternative investment fund), a term of 8 years, a fundraising target of 200 million euros and an expected IRR in the region of 10%. Institutional players, family offices and private banking firms can invest a ticket of at least 125k euros through Aqa Capital Management, a Milan-based company that is in charge of the distribution of Zest funds in Italy. Loans will be bought through an spv and securitized.
Auditing firm Kpmg refused to certify the accounts of Milan—listed engineering group Trevi Finanziaria Industriale (Trevifin) (see here a previous post by BeBeez). Kpmg said it cannot carry on any auditing for the company as there is still uncertainty about the debt restructuring.
Axactor Italy, the Italian subsidiary of Oslo-listed Axactor, renewed its credit lines agreements with seven Italian banks (see here a previous post by BeBeez). Axactor Italy invests in Npls and acts as servicer.
Pietro Salini, the ceo of Italian contractor Salini Impregilo, said that his company might sign a white knight deal with troubled Milan-listed Astaldi by the end of this year (see here a previous post by BeBeez). Salini Impregilo reportedly aims to merge with Astaldi and other contractors for creating Progetto Italia.
La Perla Fashion Holding, the distressed Italian lingerie brand that belongs to Dutch Tennor Holding (fka Sapinda), carried on a direct listing on Euronext Paris (see here a previous post by BeBeez). La Perla will list on Paris Euronext Growth segment with a share price of 4.50 euros for a market capitalisation of 473 million. La Perla has sales of 106.2 million euros, an operative loss of 91.3 million, and net debts of 70.6 million.
Equita Group launched the management company Equita Capital sgr (see here a previous post by BeBeez). The latter will manage liquid and illiquid assets for institutional investors and networks of banks. Equita Capital sgr has resources of above 1 billion euros alreaady.
Fileni Alimentare received a 40 million euros financing line from Unicredit and Mps Capital Services (see here a previous post by BeBeez). The loan has a five years tenure, and the banks issued an even part of it. Fileni also said that Cassa Depositi e Prestiti (Cdp), Volksbank, Iccrea, and FinInt subscribed the 20 million Vienna-listed bond that the company issued on 8 August. Cdp acted as anchor investor as it poured 11 million. Fileni has sales of 402.7 million euros, an ebitda of 22.3 million, and net financial debt of 60.3 million.
Unicredit and Regione Puglia launched the minibond project for SMEs (see here a previous post by BeBeez). This project aims to carry on investments for 100 million euros with government warranties for 25 million. Each issuance has to be on the primary market, be worth 2 – 10 million and have an up to 7 years maturity. Every borrower will have a rating.