Cassa Depositi e Prestiti (CDP) and UniCredit suscribed a 21 million euros second tranche of the Supply Chain Basket Bond Programme (Basket Bond di Filiera) dedicated to Italian distributors of contents for cinema and tv (see here a previous post by BeBeez), after a first tranche dedicated to the wine sector. The issuance’s underlyings are minibonds with a 7 years maturity issued by Milan-listed Iervolino and Lady Bacardi Entertainment and Leone Film Group and by unlisted Lucky Red. Sources said to BeBeez that Unicredit subscribed 50% of the three issuances while CDP subscribed the remaining 50% through the acquisition of asset-backed notes coming from a securitization. Iervolino issued a minibond of 10 million that pays a coupon of 2.55%. The company has sales of 120.7 million (+51% yoy), an ebitda of 22.8 million (+1%), net profits of 19.5 million (20.2 million), and net financial debt of 15.6 million (15.1 million). Leone Film Group is a company that bespoken Italian director Sergio Leone founded in 1989 and that currently belongs to his kids Andrea and Raffaella Leone. The firm issued a 6 million bond with a 2.5% coupon and will invest the proceeds in the acquisition of new content. Lucky Red issued minibond for 5 million euros. The company has sales of 31.3 million, an ebitda of 12.4 million and net debt of 1.7 million. Alessandro Mallo, co-Head Debt Capital Markets for the mid-cap unit at Unicredit Corporate & Investment Banking, said to BeBeez that the issuances are unsecured, but since these bonds cover the production chain they spread the risk over multiple subjects.
BVK Highstreet Real Estate Cordusio, a subsidiary of Hines and owner of Milan-based building Cordusio 2.0, received a green loan of 130 million euros from ING Italia and Unicredit which is backed by a trophy asset in Cordusio Square in the center of Milan which Hines bought in 2016 (see here a previous post by BeBeez).
Azimut Alternative Capital Partners LLC (AACP), the US subsidiary of Milan-listed Azimut, acquired 20% of Pathlight Capital, a Boston-based asset-based lender (see here a previous post by BeBeez). AACP subscribed a capital increase of the target for for a growth capital transaction. Pathlight has assets under management for 1.4 billion US Dollars. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector. BeBeez is wishing you a happy summer.
Coopbox Group, an Italian packaging company, received a direct lending facility of 2.5 million euros through Azimut Direct (fka Epic sim) (See here a previous post by BeBeez). The financing has a tenure of five years and the warranty of Garanzia Italia Sace. An undisclosed institutional investor subscribed the facility. Coopbox will invest the raised proceeds in its organic development. The company has sales of 43.1 million euros, an ebitda of minus 1.22 million and a net financial debt of 4.7 million.
Also Europe Energy, an Italian trader of energy for retail clients, received a direct lending facility of 5 million euros through Azimut Direct (see here a previous post by BeBeez). The financing has a tenure of five years and a 90% warranty of Garanzia Italia Sace. An undisclosed institutional investor subscribed the facility. Europe Energy has sales of 624 million, an ebitda of 18.7 million and a net debt of 46.3 million.
BDB Consulting, a distributor of medical devices, issued a short-term minibond worth one million euros and placed it on debt crowdfunding platform Fundera (see here a previous post by BeBeez). The deadline for subscribing the bond is 31 October, Sunday. The minibond is due to mature on 22 July 2022, has the warrant of Fondo di Garanzia per le Pmi while the gross annual yield is of 5%. The issuant has a call option for an early repayment and a reward for the investor. Fundera belongs to Frigiolini & Partners Merchant.
XTN Cognitive Security, a developer of cybersecurity software, issued a 700k euros minibond due to mature in 2027 (see here a previous post by BeBeez). Mediocredito Trentino Alto Adige subscribed to the liability. XTN Cognitive Security has sales of 1.6 million, an ebitda of minus 0.1 million and net cash of 0.971 million and will invest the raised proceeds in its international expansion. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector. BeBeez is wishing you a happy summer.
Generalfinance, an Italian factoring firm for companies in special situation, issued a 15 million euros Commercial Paper, part of a three-years programme of up to 100 million Milan-listed issuances (See here a previous post by BeBeez). Four undisclosed investors subscribed the notes. Massimo Gianolli is the ceo of and 53% owner of Generalfinance, while Credito Valtellinese (CreVal) has a 47% of the business. In 1Q21, the turnover of Generalfinance increased by 24% yoy and amounted to 240 million while the equity is of 26.3 million (See here a previous post by BeBeez).
Montepaschi carried on two synthetic securitizations of corporate credits worth a total of 1.4 billion euros (see here a previous post by BeBeez). One portfolio consists of Stage 2 credits of Montepaschi, while MPS Capital Services originated the other. Christofferson Robb & Company (CRC) subscribed to the junior tranche of the portfolio of MPS Capital Services and the mezzanine portion of Montepashi portfolio.
Algebris launched its platform for the securitization of real estate assets (see here a previous post by BeBeez). The platform already carried on the securitization of a real estate asset for industrial use that a financial investor sold. Algebris financed the acquisition with partly-paid notes that Algebris NPL Fund (aka Algebris Npl Partnership), a Luxembourg’s vehicle that targets NPEs for up to 500 million euros.
By the end of August, Credito Fondiario will spin off its activity for investing in NPEs and rebrand it as Gardant Group (see here a previous post by BeBeez). Gardant controls the new asset manager Gardant Investor sgr which has just launched the fundraising of a new fund with focus on corporate UTPs witha a 300-500 million euros target. Old Credito Fondiario will instead now act as a challenger bank. Gardant’s equity is worth above 200 million euros and manages more than 45 billion of credits. The two companies will be completely independent and separated one from each other, while they will share the same major owners or Elliott Management Corporation and Tages.
Milan-listed illimity acquired a portfolio of mostly secured NPEs with a face value of 179 million euros and sold to Banca Finint granular SMEs Npls for 122 million (See here a previous post by BeBeez). The portfolio of distressed credits of illimity now amounts to 8 billion. Andrea Clamer, the head of distressed credit of illimity, said that the bank now aims to focus on NPEs of mid caps and blue chips ahead of a 2025 target of 25 billion of assets under management, a Roe of 20%, net profits of above 240 million, a turnover of more than 660 million, and an above 15% CET1.
