Banco BPM carried on a securitization of Project Rockets, a portfolio of real estate NPLs with a face value of 1.5 billion euros (see here a previous post by BeBeez). Credito Fondiario will be master and corporate servicer, calculation and paying agent, ReoCo servicer and ReoCo corporate servicer in the deal. The value of the securitization amounts to 394 millions. Banco BPM will hold the senior notes (342 million) that pay a coupon of 50 basis points on top of the 6 months Euribor rate and received an investment grade rating of BBB (sf) from Scope Ratings and DBRS Morningstar. Banco BPM will ask for a GACS warranty for these notes. Elliott, who owns a controlling stake in Credito Fondiario, will buy 95% of the mezzanine (40 million) and junior (12 million) notes by 30 June, Wednesday.
Milan-listed illimity Bank signed a binding agreement with Apollo Global Management for launching a joint venture and invest up to 500 million euros in single name real estate credits (see here a previous post by BeBeez). The joint venture will initially invest in NPLs and UTPs with a face value of 50 million for each position. Apollo Global Management is one of the investors that BeBeez Private Data monitors (find out how to subscribe for only 110 euros a month).
York Capital sold Project Grey, a portfolio of NPLs with a face value of 400 million euros, to Sweden-listed Hoist Finance (see here a previous post by BeBeez). The transaction is a work-out operation aimed at making the NPEs in re-performing position ahead of a sale.
Unicredit sold a portfolio of unsecured retail NPLs worth 220 million euros to MBCredit, part of Mediobanca, and to Poland’s Kruk (see here a previous post by BeBeez). Kruk and Unicredit also signed a forward flow agreement for 250 million.
Cerberus’ Italian credit servicer Officine CST, posted net profits of 26 million euros for 2020 (7.7 million in 2019) (See here a previous post by BeBeez). The company’s equity is of 46.9 million (21.2 million) with assets of over 90 million. Roberto Nicastro will keep his chairman role for the next three years while Giuseppe Vegas and Gianfranco Mattei are the company’s vicechairmen. The company appointed Chicco Testa, a former Italian MP and chairman of Enel and Sorgenia, as director and Paolo Gesa as vice coo.
Generalfinance, a provider of specialty finance to companies in distress, appointed Maurizio Dallocchio as chairman (see here a previous post by BeBeez). Mr. Dallocchio will support the ceo Massimo Gianolli. Dallocchio is a Professor of Corporate Finance at Bocconi University and Past Dean of SDA Bocconi School of Management.
Guala Closures, the packaging company that Investindustrial is delisting from Milan stock market by 16 July, Friday, placed a senior secured bond of 475 million euros (see here a previous post by BeBeez). The bond is due to mature in 2028 and could list on more than one exchanges of the European Union. The company will invest such proceeds in refinancing a Luxembourg-listed 455 million senior secured bond that issued in October 2018 maturing in 2024. Guala also aims to get a multicurrency revolving facility of 80 million for refinancing current facility. The company has a turnover of 572 million, an adjusted ebtida of 98 millioni and a net financial debt of 464.2 million.
Sources said to BeBeez that Luxembourg’s BVentures, Swiss Merchant Corporation and Carlo Cozza financed Christian Nothacker, Luca Terragni, Lorenzo Giusti, and Massimiliano Mastalia for acquiring from DEPOBank the majority of Prestacap, a corporate lender (see here a previous post by BeBeez). In January 2020, DEPObank had invested 20 million euros for acquiring PrestaCap. The scaleup has now changed its name in Prestatech and also changed its mission: it will be an API enabler for open banking and lending.
Negma Group, an investor in hybrid equity and debt instruments based in Dubai and London, signed an agreement for subscribing convertible bonds that London-listed inventory monetization firm Supply@Me Capital (Supply) will issue in 10 tranches for up to 56 million euros (see here a previous post by BeBeez). Alessandro Zamboni founded Supply@ME which will have the right, but not the obligation to ask Negma to subscribe the bonds in the next 24 months. Supply asked Negma to subscribe for 5 million GBPs a first tranche with a par value of 5.6 million. These unsecured bonds don’t pay interest and are due to mature in 12 months after the issuance of each tranche. The bonds are convertible at any time the fifth day after the issuance at the weighted average price of the shares in the six trading days before the conversion request. Supply@Me Capital will redeem at par by upon maturity all the unconverted bonds. The company will invest the proceeds of the first issuance in financing the 31 million GBPs worth acquisition of Singapore’s TradeFlow Capital Management. Supply will use part of the resources of the convertible loan to support its working capital and future strategic projects.
Italian mineral water company Maniva issued a minibond of 5 million euros that Tenax Capital subscribed (see here a previous post by BeBeez). The European Investment Fund will provide its InnovFin warrant for the bond. Maniva has sales of 16.4 million with an ebitda of 2.8 milioni and will invest the raised proceeds in its organic development.
The Italian factoring sector increased its annual turnover by 49% for a cumulative 9.8% growth between January and May, said Assifact, the Italian association of factoring companies (see here a previous post by BeBeez). Fausto Galmarini and Alessandro Carretta are the chairman and general secretary of Assifact.
Real Estate Asset Management (Ream) received a five-years financing facility of 76.8 million euros from UniCredit, Intesa Sanpaolo and Banco BPM (see here a previous post by BeBeez). Ream has assets under management for 1.4 billion euros.