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Itelyum, an Italian company for the management of industrial waste that belongs to Stirling Square and DBAG, issued another 30 million euros sustainability-linked bond with a 4.625% coupon due to mature in October 2026 (See here a previous post by BeBeez). Earlier in September the company issued a 450 million bond. The company will issue the proceeds for achieving ESG targets that ISS ESG will audit. Itelyum will pay a higher coupon or principal if it fails to achieve such results. Itelyum has sales of 340 million. Sources said to BeBeez that in 2021 the company aims to generate revenues of 420 million with an ebitda in the region of 80 million.
Edison and Crédit Agricole CIB Italy launched a securitization programme for ESG-Linked retail credits (see here a previous post by BeBeez). Credit Agricole CIB’s subsidiary Ester Finance Titrisation will acquire the credits of Edison and securitize them through ItalAsset Finance.
Generalfinance is supporting the relaunch of Italian sweets producer Paluani that is already in receivership (see here a previous post by BeBeez). Generalfinance will provide a credit line of 3 -10 million euros for cashing the company’s invoices. Paluani has debts of 31.965 million. The company’s main short term creditors are Factor Coop (5 million), Banco BPM (4.250 million), MPS (4 million), Unicredit (2.6 million), Intesa Sanpaolo (2.5 million). Further lenders are Banca Valsabbina, BPER, Caribolzano, Carige, Cerea Banca, Credit Agricole, and Credito Valtellinese. Paluani has sales of 53.8 million, an ebitda of 1.6 million, net losses of 1.8 million, and a net financial debt of 29.6 million.
Dea CCR Shipping, an investor in distressed credits for the shipping sector, sold the Naples-docked bulk carrier vessel Chiara D’Amato to Greek businessman Nicolas G Moundreas, (see here a previous post by BeBeez). Idea CCR Shipping acquired the asset from Perseveranza, a shipping company of the D’Amato Family. In August 2020, IdeA CCR Shipping, Davy Global Fund Management and its advisor Pillarstone Italy, Taconic Capital and Hamburg Commercial Bank signed a debt restructuring agreement for Perseveranza’s 250 million euros debt.
Pisa Court accepted the receivership applications of Boccadarno Porto di Pisa and Boccadarno Village the companies that manage the Marina di Pisa touristic port (see here a previous post by BeBeez). Namira will acquire the waterfront and other areas of the harbour and is interested in the ports 287 berths of the port. The court previously set for 10 October, Sunday, the deadline for tabling bids of at least 32.44 million euros. However, Namira and another undisclosed Italian Investor made offers lower than asked. Boccadarno’s debt is above 100 million. The company applied for receivership in January 2016, but only in April 2018 the court accepted the proposal.
Bologna Court said that SECI’s lenders can claim 650 million euros from the bankrupted holding of the Maccaferri Family (See here a previous post by BeBeez). SECI made an appeal against such a decision. Seci’s insolvency administrators Claudio Solferini, Enrica Piacquaddio and Antonio Rossi made a recover proposal of 325 million to Seci’s creditors, while on 25 November, Thursday, Bologna Court will quantify the company’s liabilities. SECI’s debt is of 750 million (500 million are financial liabilities).
Presotto Industrie Mobili, an Italian furniture producer, bankrupted (See here a previous post by BeBeez). In February 2018, Ibla Capital acquired 95% of Presotto from the eponymous entrepreneur for restructuring the business. In June 2019, the company successfully applied for receivership and 52.2% of its creditor accepted a 9.2 million euros restructuring proposal. Although Ibla poured one million in Presotto, the company did not perform as expected. The firm has sales of 12.7 million, an ebitda of minus 2.2 million and a net financial debt of 4.2 million. Presotto’s insolvency administrator Alberto Poggioli set a meeting with creditors on 8 March and aims to sell the company to an industry peer based in Veneto.
Grotto, the troubled Italian owner of fashion brand Gas, attracted the interest of Italian businessman Stefano Bonacini, the owner of Gaudì (see here a previous post by BeBeez). Bonacini’s firm has sales of 67 million euros.
Officine CST, M&F and YARD RE created Solvency Alliance for supporting the Italian SMEs in settling crisis (see here a previous post by BeBeez). M&F, Yard CAM and Officine CST will provide firms in distress with a support service in the self-assessment and in the preparation of the application for the negotiated settlement procedure. The firms will also provide their clients with turnaround advice.
Gruppo Prelios and Clessidra Factoring signed a partnership for supporting the companies whose banking liabilities are UTPs (See here a previous post by BeBeez). Clessidra Factoring will provide Prelios with management, warranty and liquidation of working capital.
In 3Q21, Milan-listed illimity Bank had assets of above 4.6 billion euros (See here a previous post by BeBeez). The firm’s new business flows amounted to 207 million (+37% than 3Q20 and +7% than 2Q21)..
Europa Factor, an Italian NPEs servicer, and law firm Convecta signed a partnership to manage NPLs (see here a previous post by BeBeez). Europa Factor has a brokerage margin of 24 million euros with net profits of 1.6 million. The Bottone family founded the company in 2003.
Società Agricola Garofalo, the owner of Fattorie Garofalo, an Italian dairy company, issued a 7-years sustainability-linked minibond of 3 million euros that Unicredit subscribed (See here a previous post by BeBeez). The bond has a yield of 3 Months euribor plus and undisclosed spread. Sace provided a warranty and will allow Fattorie Garofalo to pay a lower coupon on the achievment of ESG targets. This issuance is part of the programme Bond Food Mezzogiorno of Unicredit and Sace aimed at supporting the sustainable and international growth of the agrifood companies based in the South of Italy. Moak, Cantine Ermes, Caseificio Palazzo, Gustibus Alimentari, De Martino, Mangimi Leone, Almeda, and Leone Group joined the programme and issued bonds for a total of 27 million. Nativa will act as sustainability advisor for Fattorie Garofalo, which belongs to the eponymous Family. The company has sales of 53 million and an ebitda of 0.522 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Coferm, an Italian metals company, received from BPER a financing facility of 4 million euros for which SACE provided a warranty (see here a previous post by BeBeez). Ethica Debt Advisory assisted Coferm which belongs to the Galeazzi family. The company has sales of 29.7 million (50.1 million in 2019), an ebitda of minus 2 million (0.5 million), and a net financial debt of 14.7 million (11.5 million). Coferm will invest such proceeds in its working capital and core operativity. Gianluca Galeazzi is the company’s ceo.
Acque Bresciane, an Italian utility, received a 202 million euros financing facility from Cassa Depositi e Prestiti, Intesa Sanpaolo, BNL – BNP Paribas, Banco BPM, BPER, and Iccrea Banca (see here a previous post by BeBeez). Acque Bresciane will receive three different credit lines: a 95 million Green Loan, and a 40 million tranche both maturing in 2036 and a 67 million facility due to mature in 2029 for refinancing the current liabilities. Sources said to BeBeez that Bureau Veritas will audit the company’s achievement of ESG targets for reducing the interest to pay. Acque Bresciane has sales of 75 million, an ebitda of 14 million and a net debt of 85.2 million