Ad Hoc Group, the association of investors in Moby’s 300 million euros bond, is having issues with the Onorato Family, the owner of the Italian shipping company (see here a previous post by BeBeez). Soundpoint Capital, Cheyenne Capital, York Capital, and other hedge funds acquired above 50% of Moby’s Luxembourg-listed liabilities. On 11 February 2020, Moby signed a standstill agreement with the investors in its bond for discussing a restructuring agreement without paying the coupons due for mid-February. Moby signed a standstill agreement also with the lenders that provided facilities amounting to 260 million. The Onorato Family said that the proposal of Ad Hoc is not adventageous for creditors that are not part of the association. If Moby couldn’t find an agreement, it could look for a white knight deal or apply for receivership.
On 3 March, Tuesday, Acque Minerali d’Italia, the holding that owns the mineral water brands Sangemini, Norda, and Gaudianello, applied for receivership, said the ceo Massimo Pessina (see here a previous post by BeBeez). The company aims to carry on a debt restructuring. Previous press reports said that competitor SanBenedetto was interested in a minority. The PessinaFamily is the controlling shareholder of Acque Minerali d’Italia, whose chairman is Carlo Pessina. In March 2016, acquired the brands Toka, Solaria, and Felicia from Fonti del Vulture (a joint venture of Coca-Cola Hbc Italia and The Coca-Cola Company. In September 2016, Acque Minerali d’Italia issued a 5 years maturity and a fixed rate 6 million bond that Antares AZ1 subscribed. Acque Minerali d’Italia has sales of 121.2 million and an ebitda of 4.94 million.
Generalfinance, a provider of factoring services to distressed companies, may launch an ipo or carry on a trade sale on the ground of the agreements with 46.81% shareholder Credito Valtellinese (see here a previous post by BeBeez). CreVal acquired its stake in Generalfinance in June 2017 from the company’s ceo Massimo Gianolli. Generalfinance aims to reach by 2021 a turnover of 1.2 billion euros (590 million in 2019) with a 44% CAGR 2019-2021. In July 2019, the company hired Massimo Racca, previously head of atypical credit of Banco BPM, as head of GGH – Gruppo General Holding (the holding of Gianolli that has the majority of Generalfinance) and Stefano Biondini, the former head of IT services for Leasing and Factoring of Intesa Sanpaolo, as the head of IT.
Illimity raised to 100% its holding in IT Auction, an auctioneer of assets of distressed companies and individuals, through the subscription of a capital increase (See here a previous post by BeBeez). The target’s shareholders will be minority owners of Illimity, who reportedly received the authorization from Banca d’Italia to launch its awaited asset management company focusing on investing in distressed credits. In June 2019, Renato Ciccarelli, the ceo and founder of IT Auction, signed an agreement for selling to Illimity a 70% of the company for 10.5 million euros. IT Auction enterprise value is of 22.5 million. Ciccarelli signed a three-years lock-up agreement for 1.2% of Illimity. IT Auction has sales of 10 million with an ebitda of 2.1 million, equity of 2 million, and net profits of 1.2 million.
Banco Bpm aims to reduce its gross Npe ratio to 5.9% through the sale of real estate assets worth one billion euros (English Press Release and Plan Presentation) (see here a previous post by BeBeez). The bank’s gross Npe ratio is currently of 9.1%. Banco Bpm aims to implement its derisking strategy through 4 initiatives: the creation of an advanced credit risk data warehouse; stronger credit policies; early warning; a new forbearance approach to Utps. Banco Bpm doesn’t expect its NPL flow to grow as a consequence of COVID 19 issues. However, an eventual recession may boost the amount of NPLs, said the ceo Giuseppe Castagna adding that the sale of real estate assets worth 1 billion may improve by 20 basis points the bank’s CET1 ratio.
Roberto Saviane resigned from his role of chairman of DeA Capital Alternative Funds (see here a previous post by BeBeez). DeA Capital Alternative Funds was born in December 2006 and has assets worth 4.8 billion euros invested in private equity private debt funds. DeA manages 5 funds of funds, 5 direct funds (Idea Taste of Italy I and II, Idea Agro, Idea Opportunity Fund I, Idea Efficienza Energetica), two DIP (Debtor-in-Possession) financing funds (IDeA Corporate Credit Recovery I and II), and two Npls funds (Atlante and Italian Recovery Fund). DeA said on 10 March, Tuesday, that the coronavirus can hit the value of the portfolio asset and harm the fundraising activities of alternative asset managers (See here a previous post by BeBeez). In 2019, the firm has assets under management (aum) amounting to 22.6 billion (11.9 billion in 2018). Such boost is a consequence of DeA’s acquisition of 38.2% of Queastio Holding and of the Npl activities of Quaestio Capital Management. Since the effects of coronavirus are not yet clear, Dea Capital will keep developing its Alternative Asset Management platform through the international growth of its activities, the launch of new products and the implementation of the go-to-market strategy of Quaestio. DeA’s assets belong to the real estate sector (45%), different investment classes (33%), distressed credits (14%), and private equity (8%). In 2019, DeA Capital Alternative Fund launched Dea Endowment Fund (DEF), a 75 million fund of private capital fund with an international focus on banking foundations. DeA Capital invests in private equity, private debt, and infrastructures and manages part of the resources of Azimut Private Debt, a 114 million fund that was born in 2018. DeA raised more than 200 million for IDeA CCR I and II. DeA Capital Alternative Funds is one of the investors that BeBeez Private Data monitors. Find out here how to subscribe to the Combo Version that includes the reports and the insight views of BeBeez News Premium 12 months for 110 euros per month.
On 6 March, Friday, the association of the bondholders of CMC (Cooperativa Muratori e Cementisti) di Ravenna, accepted the company’s restructuring plan (see here a previous post by BeBeez). Alfredo Fioretti is the chairman of the association. On 11 March, Wednesday, the company’s creditors will meet and decide whether to accept the restructuring plan. CMC issued a Luxembourg-listed bond of 325 million (6% coupon and due to mature on 15 February 2023) and another of 251 million (6.875% coupon and maturity on 1 August 2022) that Credit Agricole, Algebris, Muzinich, Ubs, Mediolanum, Vontobel, Julius Baer, Alliance Bernstein, and others subscribed. Unicredit and Bnl Bnp Paribas provided a 160 – 165 million revolving credit facility, while bank debt amounts to 100-150 million. The total debt of CMC is worth about 900 million. Davide Mereghetti, the former Unicredit’s Global Head of Family Office and head of Italian Investment Banking, is the ceo of CMC since December 2019.
Octo Telematics, a provider of telematic services and advanced solutions for the insurance and smart mobility sector, issued a 14 million euros bond that Cdp (anchor investor), Banca del Mezzogiorno – Mediocredito Centrale, and Confidi Systema! Subscribed (see here a previous post by BeBeez). Sace Simest provided a guarantee for 12 million for including the liability in Export Basket Bond, a 500 million programme for the members of the Elite community of Borsa Italiana that aim to expand abroad. This programme includes the securitization of minibond with similar features. In April 2019, ten Italian SMEs issued ten minibonds and related asset backed securities worth 50 million. Sace provided a full warranty for each minibond. Cdp (50%), Banca del Mezzogiorno-Mediocredito Centrale (40%) and Banca Finint (10%) subscribed the bond. After Octo’s bond issuance, the asset backed securities of the Export Basket Bond amount to 62 million. Cdp subscribed 31 million of these. Octo will invest the proceeds of such issuance for financing its investments in technology. Nicola Veratelli is the ceo of Octo whose owners are Russia’s Renova (48.55%), the chairman John Peace abd co-founder Fabio Sbianchi (25%), and Pamplona (26.5%). Renova acquired a controlling stake in Octo Telematics in February 2014 from Charme, Amadeus Capital Partners, and Keensight Capital. Octo has sales of 184 million, an ebitda of 39 million, and net cash of 30.6 million. Sign up here for BeBeez newsletter about Private Debt and receive all the last 24 hours updates for the sector.
At the end of February 2020, Tecnocap, an Italian packaging company, signed a joint venture with India’s Oricon Enterprise (See here a previous post by BeBeez). Teconocap will hold 75% of Tecnocap Oriental Pvt, based in Mumbai. Tecnocap has sales of 160 million euros and an ebitda of 20.1 million. The company is part of the porgramme Elite Basket Bond: a securitization of minibonds that companies that are part of the community Elite issued. The basket bond has a size of 122 million and includes 10 issuers. A Tecnocap’s Milan-listed minibond of 4 million is due to mature in December 2021. Amundi subscribed the liability issued in 2015. Michelangelo Morlicchio, ceo, founded Tecnocap in 1993.
Unicredit Private Banking and Amundi closed the first subscription round for their Eltif (European Long Term Investment Fund) Amundi Eltif Leveraged Loans Europe (Amundi ELLE) (see here a previous post by BeBeez). Amundi will manage the product. The second subscription round will take place between 17 March and 14 April. The fund will mainly invest in senior leveraged loans with a portfolio of 50-60 assets of the primary and secondary market that belong to a wide variety of sectors, borrowers and countries. Paolo Proli is the head of retail distribution of Amundi, while Manuela d’Onofrio is the head of Global Investment Strategy for Unicredit, and Renato Miraglia leads UniCredit Private Banking Italy. Unicredit will strenghten the supply of such products through Cordusio sim, its wealth management unit for super-affluent clients (net worth of at least 5 million euros), that in March 2019 launched Firstlight Middle Market Eltif together with Muzinich & Co. Stefania Peveraro, the chief editor of BeBeez, detailed about the private market products for private banking clients in her book “Private Capital. Esperienze e soluzioni. Ecco perché la finanza alternativa funziona” (click here for free download) of which EdiBeez is the publisher. Sign up here for BeBeez newsletter about Private Debt and receive all the last 24 hours updates for the sector.
The readers of BeBeez News Premium can read the BeBeez Reports and Insight Views. The annual subscription fee is 20 euros per month plus VAT (or 240 euro plus VAT per yer). The subscription to BeBeez Private Data Combo gets access to BeBeez Private Data, a database that includes data of more than 1700 Italian companies that belong to private equity, venture capital and private debt investors, and allows to access BeBeez News Premium for a total annual fee of 110 euros plus VAT per month (or 1320 euros plus VAT per year). Students can subscribe to BeBeez News Premium for 15 euros (VAT included) for the first month and renew the subscription monthly. Please click here or write to [email protected] for further information about the subscription procedure.
BeBeez is the media partner for the Alma Iura and RR&P Commercialisti e Avvocati associate event for banks and professionals that work in the sector of NPLs and UTPs (See here a previous post by BeBeez) The congress will take place on 13 October 2020 at Palazzo della Gran Guardia in Verona. Rainer Masera will hold a keynote speech together with Stefania Peveraro, the Editor in Chief of BeBeez. The members of the conference scientific board are Masera (chairman), the head of the Economics Faculty at Marconi University and former chairman and ceo of Sanpaolo IMI; Paola Maria Di Leonardo, the Chief General Counsel of Gruppo UBI Banca; Riccardo Genghini, public Notary in Milan; Gaetano Lattanzi, the Head of NPL at BHW Bausparkasse; Silvia Lodi, the head of NPL Legal affairs at Banca Ifis; Maddalena Mandarà, the head of financial Mathematics Department at Alma Iura; Giuseppe Mantini, the Head Area Workout of Non Performing Credit Department at Banca Monte dei Paschi di Siena. Further members are Riccardo Marciò, the head of NPL department of Banco Desio; Federico Rizzetto, the Head of Legal Network at Amco (fka SGA); Marco Rossi – Co-managing partner at RR&P Commercialisti e Avvocati associati; Maurizio Silvi – Vice director of the Trento branch of Banca d’Italia; Carlo Viola – Vice Chairman Board of Directors – Intesa Sanpaolo Provis.