Italy’s 2i Rete Gas, an energy network company that belongs to F2i, Ardian and Apg, issued a Dublin-listed 500 million euros bond (see here a previous post by BeBeez). The issuance is part of the 2i Rete Gas’ EMTN (European Medium term Notes) programme worth 4 billion. The company will reimbourse the whole bond on 29 January 2031, with a 0.579% coupon.
Rekeep (fka Manutencoop Facility Management), issued a Luxembourg-listed high yield bond of 350 million euros due to mature in 2026 and with a 7.25% coupon (see here a previous post by BeBeez). The company will invest these proceeds and its own resources in refinancing a Luxembourg-listed bond due to mature in 2022 with a 9% coupon that is still on the market for 333.9 million, paying the costs related to the redemption premium on the bonds (these will be redeemed at a price of 104.5, for a total premium of 15 million), replenishing the liquidity with which the existing revolving credit line was repaid (EUR 50 million) and to pay the related fees and expenses. Rekeep has also entered into a new loan agreement on a revolving basis that will secure a senior secured credit facility of up to EUR 75 million, to be used for general corporate and working capital purposes by both Rekeep and its subsidiaries. Rekeep has sales of one billion, an ebitda of 113.6 million and a net financial debt of 342 million.
In 2Q21, Hedge Invest will launch HI Confilend Fund (Confilend), its private debt vehicle, vice president Paolo Massi said (see here a previous post by BeBeez). Confilend aims to raise 150 million euros for financing Italian SMEs while Hedge Invest signed a partnership with 8 Italian credit consortia that will provide warranties together with Fondo Centrale di Garanzia for the borrowers for up to 80% of the loans. Confilend will provide facilities in the range of 50k-250k euros. Overlend, the digital platform of digital lending firm Over, will oversee the credit process. Investors may pour at least 5 million euros in Confilend.
Orva, an Italian manufacturer of bakery products, received a 6 million euros facilities from Anthilia Capital Partners (see here a previous post by BeBeez). Orva borrowed 4.9 million with a 6 years loan with an amortising repayment plan and a 24/36 months preamortising period. Such a facility has the warranty of Fondo Centrale di Garanzia and of SACE. The company also received a 1.1 million unsecured facility of 7 years with a bullet reimboursement plan. Luigi Bravi is Orva’s ceo. The company has sales of 55.3 million and expects to generate 60 million in 2021. The company will invest the raisd proceeds in its organic development and expanding the production of gluten-free items. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
The Chambers of Commerce of Milan, Monza Brianza and of Lodi launched Milomb Minibond together with Innexta, a consortium for Credit and Finance (see here a previous post by BeBeez). Milomb will support 15 SMEs (eventually more in the future) for issuing minibonds. The applicants may have generated in the last two years sales of at least 3 million euros, positive equity or a ebitda\financial liabilities ratio of at least 4. The successful applicants will receive a voucher that will cover the expenses for the minibond issuance for up to 6,000 euros (with a plafond of 90,000 euros). The application process will start on 7 February, Sunday.
Solar Ventures, a global developer and manager of utility scale photovoltaic plants, attracted a financing facility of 5.5 million euros from UBI Banca (see here a previous post by BeBeez). The company will invest such proceeds in the development of two Sardina-based plants with a power of 6 MWp. AME Ventures, the investment holding that Michele Appendino founded in 2005, is the controlling shareholder of Solar Ventures, which is present in Italy and Spain with pipeline of projects with a power of 1.5 GWp.
Theia Investments (Italy), a subsidiary of UK-based renewable energy company Theia Holdings, received a 41 million euros financing facility from Intesa Sanpaolo for 23 Italian photovoltaic plants (See here a previous post by BeBeez).
On 29 January, Friday, the European Banking Authority (EBA) published a series of clarifications regarding the application of the anti-Covid prudential supervisory system and so reassured many Italian companies that last year had obtained moratoria on credits that expired on Sunday 31 January and technically seemd not to be eligible for a further extension as they already reached the maximum threshold of 9 months of payments suspension (see here a previous post by BeBeez). We recall that the EBA had reinstated the guidelines on loans with moratorium that had expired on 30 September until March 31st, but had specified that the loans will enjoy a moratorium on payments of only nine months in total (see here a previous article by BeBeez).
A Banca d’Italia’s report about the Covid-related turmoil said that the sharp contraction in GDP recorded in 2020 will lead to an increase of around 2,800 bankruptcies in Italy by 2022. To these could be added other 3,700 “missing” bankruptcies in 2020, which were not realized due to the temporary effects of the moratorium and support measures (see here a previous post by BeBeez). So based on the estimates of the elasticity of bankruptcies to the economic cycle and assuming that the “missing” ones in 2020 will re-emerge in the coming months, the number of bankruptcies in Italy could increase by about 6,500 cases by 2022, of which a preponderant part already in 2021. A number that is nearly 60 percent of all bankruptcies recorded in 2019.
On 26 January, Tuesday, Lucca Court issued a bankruptcy sector for Italian producer of luxury yachts Perini Navi which couldn’t outline a debt restructuring plan by 15 January, Friday (see here a previous post by BeBeez). The court appointed Franco Della Santa as insolvency administrator. Blue Skye and Arena Investors had signed an agreement with Perini Navi and the parent company Fenix Holding last January to subscribe a 4-year bond of 30 million euros in prededuction after the two investors had deposited a binding offer last fall. Perini is now of interest to Italian competitors Ferretti and Sanlorenzo. Perini Navi has sales of 65.5 million euros, an ebitda of minus 4.25 million, net losses of 8.3 million and a net financial debt of 26.42 million.