On 2 November, Monday, Viveracqua Hydrobond placed new issuances worth 248 million euros for its basket bond programme (see here a previous post by BeBeez). Acquevenete, Alto Trevigiano Servizi, Azienda Gardesana Servizi, Livenza Tagliamento Acque, Piave Servizi, and Viacqua (all part of Consorzio Viveracqua) made a securitization of their bonds. Each of the six companies issued three bonds with different maturities (24 years, 17 years and 14 years) and yields. Viveracqua Hydrobond 2020 spv subscribed all the 18 bonds through three different vehicles that invested on each maturity. The spv issued three classes of asset backed notes that the following investors subscribed: European Investment Bank (EIB – 124 million or 50% of the total amount for the 24-years bonds), Kommunalkredit Austria (74 milion, 17-years bonds), Cassa Depositi e Prestiti (30 million, 14-years). Volksbank, Banco di Desio e della Brianza, Fondo Pensione – Solidarietà Veneto, and Banca Valsabbina invested 20 million. Acque del Basso Livenza, Acque del Chiampo, Acque Vicentine, Alto Vicentino Servizi, Azienda Servizi Integrati, Bim Gestione Servizi Pubblici, Centro Veneto Servizi, Polesine Acque, Alto Trevigiano Servizi, Acque Veronesi, Azienda Gardesana Servizi and Etra joined the previous issuances of Viveracqua Hydrobond.
Banca Finint carried on an internal reorganization and merged with the head company Securitisation Services, Finint Corporate Advisors and FISG (see here a previous post by BeBeez). Enrico Marchi is the chairman of Banca Finint. Banca Finint is one of major players among Italian private debt investors and advisors while Securitisation Services is a leading master servicer of Italian securitazions.
Cassa Depositi e Prestiti poured 30 million euros in Ver Capital Credit Partners SMEs (VERCCP) a private debt fund that Ver Capital launched (see here a previous post by BeBeez). VERCCP previously attracted a 50 million investment from the European Investment Fund ahead of a 300 million fundraising target to spread over 50 SMEs. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Loccioni issued a four-years 5 million euros green and social minibond that Unicredit subscribed (see here a previous post by BeBeez). Fondo Centrale di Garanzia provided the warranty for the issuance. Loccioni has been the first Italian company that issued a green and social minibond, according to the database of BeBeez and Observatory on Minibond of Milan Polytechnic University. The company will invest the raised proceeds in ESG projects. Loccioni has sales of 113 million with an ebitda of 19.8 million.
Unifrutti acquired Oranfrizer with the support of Carlyle Group’s Global Credit that subscribed preferred equity notes of the target for 35 million euros (see here a previous post by BeBeez). In October 2019, Global Credit subscribed a 140 million issuance of Unifrutti. Giuseppe Alba founded Oranfrizer in 1962, his kids Nello and Alessandro Alba now run the business that has sales of 39 million with an ebitda of 2 million. Marco Venturelli is the ceo of Unifrutti, whose turnover amounts to 675 million US Dollars. On 30 June 2019, Credit Opportunities raised 2.4 billion euros.
On 28 October troubled shipping companies CIN and Moby, whose controlling shareholder is Vincenzo Onorato, missed the deadline for presenting a receivership proposal to Milan Court (see here a previous post by BeBeez). The company asked the Court for agreeing an extension while it is reportedly in talks with potential buyers Fortress Investment Group, Clessidra and Europa Investimenti (part of Arrow Global).
Arena Investors and Blue Skye signed a joint venture for investing in Italian distressed mid-market companies (see here a previous post by BeBeez). The first target of the joint venture is Perini Navi, a troubled producer of yachts whose losses are in the region of 40 million euros and debt of 55 million. Salvatore Cerchione is the managing partner of Blue Skye while Dan Zwirn is the ceo and cio of Arena.
Tim could table a joint bid with Psc Partecipazioni for troubled Italtel (see here a previous post by BeBeez). Tim could acquire a minority of the target. Italtel belongs to Milan-listed Exprivia (81%) and Cisco (19%), while Psc belongs to the Pesce Family. Italtel reportedly attracted the interest of Pillarstone Italy that earlier in June acquired the magority of the debt that the company borrowed from Unicredit. Pillartston acquired a portfolio of corporate Utps that Intesa Sanpaolo, Banca Imi, Unicredit, BPER Banca, Crédit Agricole Italia, and Crédit Agricole FriulAdria grouped undet RSCT Fund (Responsible & Sustainable Corporate Turnaround Fund), a 600 million euros vehicle that Davy Global Fund Management manages.
Moody’s report Nonperforming Loans – Europe: Sector update – H1 2020 said that collections slow further following coronavirus outbreak, while Scope’s Italian NPL ABS collections monthly said that seasonality effect causes plunge in volumes (see here a previous post by BeBeez). Scope pointed out that in August the volumes of collections and recovery went down 53% compared to the median value of the previous 4 months.
Ibl Banca and Prelios Innovation, the fintech subsidiary of Gruppo Prelios, signed a strategic partnership for negotiating distressed credits on BlinkS (see here a previous post by BeBeez). Ibl Banca will buy and sell unsecured Npls and already started to negotiate the sale of a gross 30 million euros worth portfolio on BlinkS.
Borgosesia, a Milan-listed real estate developer, paid 3.95 million euros for a real estate asset in Gardone Riviera in the Garda Lake area (see here a previous post by BeBeez). Borgosesia previously acquired a mortgage credit of 1.9 million that allowed to pay 3.3 million of the total price of the acquired asset.
Illimity acquired an Utp portfolio with a gross value of 98 million euros (see here a previous post by BeBeez). FinGruppo Holding borrowed such resources from Banco Bpm. Illimity previously acquired a portfolio of FinGruppo’s debt worth 61 million. Illimity also acquired a portfolio of distressed photovoltaic assets in leasing through a securitization that carried on with a joint venture with VEI Green. The assets have a gross value of 20.5 million.