Mediocredito Centrale’s (MCC) Fondo di Garanzia Pmi will also provide facilities to the securitization SPVs. This is news included in the a recent Decree by the Italian Government (see here a previous post by BeBeez). Giampaolo Pavia, the head of warranties for MCC, anticipated such a decision during the webinar of Assofintech and BeBeez about the long and mid term financing (see here a previous post by BeBeez)
Panealba-Campiello, an Italian producer of baked food, received a 72.5 million euros financing facility from Intesa Sanpaolo, Banca di Asti and Banco BPM (see here a previous post by BeBeez). Panealba has sales of 64 million (30% export). The company will invest the raised proceeds in its organic development, acquisitions and refinancing its liabilities. Giorgio Tesio is the ceo of Panealba.
Milan-listed Sit, a provider of solutions for energy optimization, placed an ESG-linked bond of 40 million euros (see here a previous post by BeBeez). Pricoa Private Capital, part of the insured Prudential Financial, subscribed the bond. This bond is part of a programme of issuance of Sit of 100 million dollars (private shelf-facility). Sit issued the bonds in a single tranche with a 10-years maturity, with a 6-year grace period. The fixed biannual coupon is indexed, starting from the fifth year, to a sustainability rating (ESG) provided by the international agency EcoVadis. Sit has sales of 320.7 million, an adjusted ebitda of 44.6 million and net profits of 13.4 million. The company will invest the raised proceeds in refinancing its banking debt. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Paola Tondelli, the head of Utp & Turnaround Funds of illimity, said to BeBeez that the firm is working towards the final fundraising of illimity Credit & Corporate Turnaround (iCCT) by next July (see here a previous post by BeBeez). ICCT already raised more than 200 million euros of commitments ahead of a target of 350 million with a hard cap of 600 million.
On 20 May, Thursday, Italian football team FC Inter Milan announced to have signed an agreement for a financing facility of 275 million euros from Oaktree Capital Management but did not acquire Lion Rock’s 31.05% stake in the club as it was expected instead (see here a previous post by BeBeez). Chinese conglomerate Suning, the controlling shareholder of Inter, may look for an investor in the mid term. Oaktree Capital and FC Inter started to hold discussions since the end of April (see here a previous post by BeBeez).
Fondo Italiano d’Investimento sgr (FII sgr)’s funds of funds FOF Private Equity Italia (FOF PE Italia) and FOF Private Debt Italia (FOF PD Italia) will invest 75 million euros in two undisclosed ESG compliant funds (see here a previous post by BeBeez). Earlier in April, FII received from Intesa SanPaolo an ESG-linked financing facility of 55 million (30 million for FOF PE and 25 million for FOF PD). Both the funds of funds carried on 14 investments for a total of 411 million.
In 2020, Italy’s Epta, a producer of refrigerators for shops, generated sales of 908 million euros (-5%), profits of 19 million and net equity of 313 million (see here a previous post by BeBeez). The company made investments for 25.2 million while sales for the Emea region amounted to 714 million, 138 million for America and 56 million for the Apac region. In March 2016, Epta carried on a private placement of a 20 million bond that Pricoa Private Capital, part of the insured Prudential Financial, subscribed. This bond is part of a programme of issuance of Epta for 120 million US Dollars (private shelf-facility) or the equivalent in Euros. The bonds will mature in 2023 and pay a 2.30% coupon.
On 24 May CIN (Compagnia Italiana di Navigazione), a troubled Italian shipping company, filed a receivership application with Milan Court for avoiding to go bankrupt after debt restructuring talks with competitor Tirrenia failed (see here a previous post by BeBeez). On 24 May, Milan Court previously scheduled a hearing for the bankruptcy of CIN. In 2015 Vincenzo Onorato’s Moby, acquired the 60% stake of CIN that Moby did not own yet, but must still pay 180 million euros for the buy to Tirrenia.