The shareholders of the Italian delisted motorway operator Atlantia approved the 8.225 billion euros infragroup financing that Blackstone Infrastructure-Edizione borrowed for delisting the business (see here a previous post by BeBeez). Schema Alfa, the delisting vehicle, belongs to the Benetton family (65%) and Blackstone Infrastrucuture Partners. The vehicle will receive from Atlantia 8.225 billion for refinancing the bridge loan of the same amout that perceived in November 2022 from a pool of banks.
Milan-listed illimity Bank carried on a securitization of performing credits with a gross value of 530 million euros and acted as arranger with JPMorgan (See here a previous post by BeBeez). The banks hired Chiomenti as legal advisor while Banca Finanziaria Internazionale acted as back-up servicer, corporate servicer provider and bondholder representative. Colt SPV acquired the portfolio for which SACE (76.2%) and Fondo Centrale di Garanzia (23.8%) provided a warranty. Illimity acquired the abs notes that are of three classes: 375 million senior tranche (listed on Milan Market, rating A from DBRS, A1 from Moody’s and A from ARC Ratings) paying a coupon of 3M euribor + 2%; 79.1 million mezzanine tranche (listed on Milan Market, B, B2 and B+) paying a coupon of 3M euribor + 2.7%; 11.6 million junior tranche paying a coupon of 3M euribor + 5%.
Phinance Partners carried on two real estate-backed securitizations through Absolute RE spv (see here a previous post by BeBeez). The underlying assets will be part of an urban regeneration project. Sources said to BeBeez that the initial price of the assets is 4 million and 1.5 million. Phinance Partners will subscribe the notes of such securitizations that are instead part of a 100 million euro securitization programme of special situation real estate assets carried on by Absolute RE spv.
Enfinity Global, a renewable energy company, attracted a dual-tranche project finance facility of 142 million euros for building three Italy-based photovoltaic plants with a power of 112 MW that should be operative in 1H24 (See here a previous post by BeBeez). Infinity Global retained DWF as legal advisor, while Gianni & Origoni assisted the lenders Santander Corporate & Investment Banking (Santander CIB), BayernLB and Nomura. The banks financed the transaction through a club deal structure that included a non-recourse senior debt facility of 85 million and 57 million of VAT financing and Credit Letters facilities for PPA (purchase power agreement) and photovoltaic modules.
RealStep Sicaf, a real estate developer, received from UniCredit a financing facility of 70 million euros for converting a Milan-based industrial plant that belonged to Sweden’s Sandvik (see here a previous post by BeBeez). Whirlpool will set its EMEA headquarter in the 7000 sqms area. The financing is part of Unicredit’s Social Impact Banking. Triadi will monitor the social impact of the development. RealStep hired Fivelex, Esperion (financial), Eptalex (tax advisor), Studio di ingegneria Bossi (engineering advisor), Studio ZNR (notary). Advant NCTM provided with legal assistance UniCredit.
Proma, an Italian producer of automotive components, received a financing facility of 50 million euros for which SACE provided a warranty (See here a previous post by BeBeez). Proma retained White & Case as legal advisor while Legance assisted the undisclosed lenders. Luca Pino is the company’s ceo. Proma has sales of 664.5 million and an ebitda of 75.2 million.
IRR Solar, a subholding of Italian Renewable Resources, received from Banco BPM a financing facility of 18 million euros for developing photovoltaic plants with a power of up to 12.5 MW and refurbishing the existing assets (See here a previous post by BeBeez). IRR Solar retained L&B Partners for legal counsel. Legance, Kroll Advisory and KPMG assisted the bank.
Italian agricoltural co-operative company Melavì signed with Factorit (part of Banca Popolare di Sondrio) an agreement that will allow contributing farmers to collect credits on the 2022 harvest by the end of January (see here a previous post by BeBeez). Melavì has sales of 11.5 million, an ebitda of minus 0.23 million and a net financial debt of 15.6 million and equity of 6.9 million.
CDV Stampi, an Italian moulding company, issued a minibond of 1.5 million euros maturing in 2027 with the warranty of the European Investment Fund (EIF) (aee here a previous post by BeBeez). Mediocredito Trentino Alto-Adige subscribed the liability. The company will invest such proceeds in industrial machinery. CDV retained Italfinance as advisor. The company has sales of 10.3 million, an ebitda of 1.8 million and a net debt of 4.1 million.
Italian troubled football team Sampdoria is holding longer than expected talks with Banca Sistema and Macquarie for the issuance of a two-years convertible bond of 30-35 million euros that Oaktree and other investors could subscribe (see here a previous post by BeBeez). The club’s chairman Massimo Ferrero aim to raise such proceeds for improving the asset’s health ahead of a sale that Lazard is handling.
Milan-listed online retailer ePrice filed with Milan Court an appeal for the acceptance of its debt restructuring proposal (see here a previous post by BeBeez). The restructuring agreement is based on the binding offer that the ePrice attracted in February 2022 from Negma Group, which aimed to change the firm in an investment company through the issuance of a multi-tranche bond of 20 million. Negma i salso willing to pour further resources in ePrice through a capital increase and PIKs.
Bologna Court authorised Milan-listed Enetronica Santerno to raise 10 million euros from Milan-listed illimity Bank as part of the restructuring plan that Oxy Capital is implementing (see here a previous post by BeBeez). The facility consists of factoring items for up to 2 million, a signature credit facility of 1.75 million for cashing the VAT credit and cash for up to 6.25 million. In addition, as security for the loan, Enertronica pledged 2.8 million ordinary shares that NTS (the majority shareholder with 36.45%, which belongs to its chairman Vito Nardi, who owns 54.51% of the company) holds.
