Christmas didn’t mean a relaxing time for NPL and private debt investors.
Lucaprint Group, a printing company, listed on Milan ExtraMot Pro a 0.5 million of euros worth short-term minibond due to mature on 21 June 2019 and paying a 4.5% coupon (see here a previous post by BeBeez). The company may issue three bonds of 0.5 million each and invest the raised proceeds in its working capital. Lucaprint belongs to the Luca Family and has sales of 16.7 million of euros, an ebitda of 2.1 million and net financial debt of 5.2 million.
Cobral, a distributor of industrial ribbons, listed on ExtraMot Pro a short-term minibond worth 0.25 million of euros due to mature on 31 May 2019 paying a 4% coupon (see here a previous post by BeBeez). The company belongs to Salvatore Marco Del Contrasto and has sales of 19.9 million, an ebitda of 0.89 million and a net financial debt of less than 3 million. Cobral plans to issue three further bonds worth 1 million each by the date of approval of 2018 budget for financing its working capital. Frigiolini & Partners Merchant advised the company.
Cipriani Profilati, a producer of metal structures for construction and agriculture, listed two minibonds on Milan Extra Mot Pro (see here a previous post by BeBeez). One bond is worth 2 million of euros, due to mature on 21 December 2025, and paying a 6% coupon. The other liability is worth 5 million, due to mature on 31 January 2025, and paying a 6% coupon. Giuseppe Cipriani owns 95.27% of the business, while Gabriele Cipriani holds the remaining stake. The company has sales of 63.6 million, an ebitda of 4.5 million, and net financial debt of 22.9 million. Cipriani will invest the proceeds of these issuance in its development plans that require investments for 7 million of euros.
Antress Industry, the Italian fashion firm that owns the brand Manila Grace, issued a minibond of 4 million of euros that private debt investor Tenax Capital entirely subscribed (see here a previous post by BeBeez). The company will invest these resources in developing the business in Italy and abroad. In 1989, Maurizio Setti founded Antress Industry, which has sales of 48 million of euros with an above 10% ebitda margin.
Expergreen, a producer of biological food ingredients, listed a 2 million of euros minibond on ExtraMot Pro (see here a previous post by BeBeez). Iccrea Bancaimpresa subscribed the liability that will mature on December 2025 and pays a 4.6% coupon. Expergreen may carry on further issuances for further 4 million by 30 November 2019. Felice Amante owns 80% of the business, while Francesco Monnati holds 20%. Expergreen has sales of 12.9 million, an ebitda of 0.94 million, and net financial debt of 0.44 million. The company will invest these proceeds in its organic development.
Officine Tecnosider, a producer of steel components, issued a minibond of 15 million of euros due to mature on December 2024 and paying back investors with an amortising structure from June 2021 (See here a previous post by BeBeez). Iccrea, Mediocredito Friuli Venezia Giulia, Friulia, Banca di Udine Credito Cooperativo, and few banks of the BCC networks. Officine Tecnosider has sales of 170.6 million (+30% yoy), an ebitda of 15.4 million, and net financial debts of 30.7 million. The company will invest the proceeds of such an issuance in strengthening its organic growth.
2M, a producer of metal structures for construction, issued and listed minibonds for 0.1 million of euros minibond (See here a previous post by BeBeez). These liabilities are due to mature on 19 December 2019 and pay a 4.2% coupon. The company has plans for issuing further five minibonds for a total of 2.5 million by the approval of the budget for 2018. These liabilities will finance the company’s working capital. Frigiolini&Partners Merchant advised 2M that belongs to Cristina Tagliapietra and has sales of 8.8 million, an ebitda of 0.6 million, and net financial debts of 4.6 million.
ETT, an Italian ICT company, issued a 2.5 million of euros Milan listed minibond due to mature on December 2025 and paying a 6.5% coupon (see here a previous post by BeBeez). Riello Investimenti Partner subscribed the bond that will finance the company’s organic development. Giovanni Verreschi is the ceo of the company and holds a controlling stake of the business. ETT has sales of 11.56 million, an ebitda of 1.1 million and net financial debt of 10.87 million.
MBCredit Solutions (Mediobanca group) acquired from Gruppo BPER a 200 million euro worth portfolio of non performing unsecured loans (see here a previous post by BeBeez). MBCredit Solutions also acquired a portfolio of NPE worth 100 million from Unicredit with whom signed a rolling sales agreement in June. Furthermore, MBCS purchased a portfolio of 300 million from an Italian bank.
Guber Banca acquired a 170 million of euros worth portfolio of NPE from UniCredit Leasing (see here a previous post by BeBeez). Guber Banca will also act as servicer for the portfolio of which 80% of credits is unsecured.
TAS, a Milan listed electronic payments company, said that it reimbursed its 5 million of euros debt towards Banca Mps, Bnl, Banco Bpm, CR Bologna, Intesa Sanpaolo, and UniCredit (see here a previous post by BeBeez). Banca Interprovinciale, the business soon to rebrand as Illimity and to merge with Spaxs (the SPAC promoted by banker Corrado Passera) provided TAS with a 15 million of euros financing that will mature on 31 December 2020 in order to allow TAS to reimburse its debt and have cash to grow its business. In 3Q18, TAS posted sales of 35.1 million, an ebitda of 3.6 million, and net financial debt of 2.28 million. TAS chairman Dario Pardi and ceo Valentino Bravi said that the company now has resources for growing organically and through acquisitions. On 21 December TAS also announced to have acquired 80% of Serbian Bassilichi CEE d.o.o. Belgrade from Nexi, a company that private equity firms Advent, Bain Capital, and Clessidra acquired in 2016 from the Bassilichi Family and a pool of investors. Bassilichi CEE has sales of 5.4 million.
Banca Interprovinciale also acquired from Idea Corporate Credit Recovery a 30 million euros portfolio unlikley to pay loans issued to Clerprem, a producer of seats for automotive and trains (see here aprevious post by BeBeez). Clerprem belongs to the Marchesi Family and has sales of 104.4 million, an ebitda of 5.6 million, and net financial debts of 29.2 million. Enrico Fagioli, Illimity’s head of SMEs credit, said that further transactions will follow.
SGA tabled a binding offer for securitising a portfolio of distressed credit of Banca del Fucino with a gross value of 314 million of euros (see here a previous post by BeBeez). SGA aims to act as master and special servicer for this securitisation and to subscribe its equity tranche.
Algebris NPL, a Luxembourg based fund focuesed on real estate NPLs and managed byAlgebris Investments, acquired Milan based former movie theatre Imperiale (see here a previous post by BeBeez). Davide Serra founded Algebris in 2006. The firm’s headquarter is in London, and it has offices in Boston, Singapore, Tokyo, Milan, and Luxembourg.