Trevalli Cooperlat Società Cooperativa Agricola, an Italian dairy company, received a financing facility of 23 million euros from CDP (6 million), Unicredit (10 million) and Intesa SanPaolo (7 million) (See here a previous post by BeBeez). The facility has two tranches: one of 11 million for refinancing the company’s liabilities with a tenure of 6 years with the warranty of Fondo Centrale di Garanzia; the other of 12 million with a tenure of 10 years, that will support the firm’s investments and working capital.
Milan-listed Gruppo EdiliziAcrobatica will repay earlier its 5 million euros minibonds issued in 2017 (See here a previous post by BeBeez). The company listed on Milan market a 3 million bond with the warranty of Innovfin-Fei and a coupon of 4.4% and a 2 million unsecured bond with a 5% coupon. Iccrea BancaImpresa subscribed both the bonds. The company will pay on 29 September, Tuesday, the bonds and the coupons due for the perion 29 March 2020 and 29 September. Riccardo Iovino, the ceo of EdiliziAcrobatica, said that the company will repay the bonds after having raised an unsecured facility from Intesa Sanpaolo. Earlier in August, Edilizia Acrobatica, issued a 10 million minibond that Intesa Sanpaolo subscribed as part of the Elite basket bond programme. The bond is due to mature in 7 years and pays a 3.3% coupon. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Megamark, a network of supermarkets in franchising based in the South of Italy, received a project financing facility of 24.7 million euros from Unicredit (See here a previous post by BeBeez). Megamark owns the brands of A&O, dok, Famila, and Sole 365. Megamark has sales of 1.7 billion and will invest the raised proceeds in improving the energy efficiency of its real estate with the support of Energy Efficiency Epc. Megamark signed a joint venture named X Te with the multiutility E3E (51% owner of the newco).
Borgosesia, a Milan-listed real estate developer and NPL investor, received an unsecured credit line of 3 million euros (See here a previous post by BeBeez). The facility has a tenure of 24 months with a preamortising period of 6 months and the warranty of Fondo di Garanzia for 80% of the amount. Mauro Girardi, the chairman of Borgosesia, will invest these proceeds in the optimization of its liabilities. Borgosesia’s equity is worth 26.9 million; net profits of 2.7 million, a turnover of 14.5 million with an adjusted ebitda of 5 million, and an adjusted ebitda of 3.9 million. Earlier in June, Borgosesia launched BGS Club Spac for investing in non performing activities of the real estate sector. Borgosesia also received from Milan-listed Illimity a 4 million euros senior financing for acquiring credits. The Italian developer previously received from the bank a 5 million facility. Illimity also supported London-based Zetland Capital Partners with a senior financing facility of 8 million (See here a previous post by BeBeez). Zetland Capital provided as collateral a portfolio of corporate credits with a gross value in the region of 20 million. Zetland Capital Partners is a British private equity that invests in European special situations.
Banca Valsabbina started a lending programme for SMEs with the warranty of Fondo Centrale for which Gruppo NSA, a corporate credit broker, will act as originator (See here a previous post by BeBeez). In November, the bank will carry on the first securitization of such credits through the vehicle Valsabbina SME Platform SPV. After a revolving period, the SPV could buy a monthly amount of credit of 10 million eurosand will issue three classes of notes. Sources said to BeBeez that the subscribers of the notes will be Intesa Sanpaolo (senior notes), Banca Valsabbina and Banca Finint (mezzanine), and Phinance Partners (junior). Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Vincenzo Zucchi, a Milan listed textile company, will refinance its debt through a restructuring (See here a previous post by BeBeez). The company did not disclose further terms, but said there will be positive consequences for its financial health. In 2015, Zucchi already signed a debt restructuring with Unicredit, Intesa Sanpaolo, Banca Popolare di Milano, Banca Popolare di Bergamo, and Bnl. The lenders written off credits worth a total of 46.9 million. In 2016, Astrance Capital and Italian footballer Gianluigi Buffon committed to subscribe a capital increase. In 2018, Idea CCR acquired the majority of mid and long-term debts of the firm.
British private equity Cheyne Capital invested 17 million euros in General Smontaggi, a company operating in the sectors of demolition and reclamation (See here a previous post by BeBeez). Cheyne subscribed a senior secured bond and multitranched converible bonds. In November 2018, Cheyne Capital already subscribed bonds of General Smontaggi which as sales of 22.6 million euros with an ebitda of minus 1.6 million.
Borsa del Credito (BDC), a company in which P101 , gruppo Azimut and GC Holding invested, carried on a securitization of SMEs loans amounting to 100 million euros (See here a previous post by BeBeez). Colombo, the fund of BDC that Azimut subscribed, will finance the securitization. Banca Valsabbina and other institutional investors will subscribe the senior notes of the securitization. Such a securitization is part of the programme Slancio Italia of BDC that will provide loans of 01 – 0.6 million with a tenure of up to 6 years and a preamortising period of one year. Fondo Centrale di Garanzia per le pmi will provide a 90% warranty. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Carlyle and its co-investors tabled a bid for the whole Gruppo Maccaferri, the diversified Italian group currently in receivership that reportadly attracted the interest of French Vinci (See here a previous post by BeBeez). Carlyle Global Credit Investment Management LLC, Man GLG and Stellex Capital Management (Ad-Hoc Group or AHG) have the majority of Maccaferri’s senior bond with a 5.75% coupon due to mature in 2021 and would issue a bridge financing facility worth 40 million euros by the end of 2020. Moody’s withdrew the rating Ca of Officine Maccaferri and the C for the 190 million bond as the company hasn’t disclosed yet its financials for 2019.
The European Commission is reportedly soliciting the national Governments to create a network of platforms for handling NPLs (See here a previous post by BeBeez) and the implementation of new digital finance tools that could have a key role for the green deal (See here a previous post by BeBeez). Given this context, WizKey will offer a free test for its Ethereum-based platform Define, a marketplace for NPLs, by the end of 2020 (See here a previous post by BeBeez). Define will allow to cash illiquid assets like the credits changing them in token. Marco Pagani (ceo) and Roberto Ghio (chairman) founded Wizkey together with a team of 11 IT and finance professionals.