Banca Finint heads the 2020 league table of the arrangers of Italian minibonds (bonds below 50 million euros) of Milan Polytechnic University’s School of Management (see here a previous post by BeBeez). More in detail, Banca Finint leads both the ranking by deal value (approximately 228 million euros) and by number (59 issues), followed by Unicredit and Intesa Sanpaolo on the first front, respectively with 122 million and 99 million euros, and by Frigiolini & Partners Merchant and again Unicredit as for the number of issues, both with 25 each. In 2019, on the other hand, at the top of the ranking for number of issues Banca Finint was tied with Frigiolini & Partners Merchant, while the ranking by value was led by Unicredit with Banca Finint in second place. Again considering only the issues up to 50 millions, in the last 9 years, ie from the start of the market in 2012 and until the end of 2020, 671 Italian companies have issued minibonds for a total of 7.07 billion euros. Of this total, approximately 920 millions were raised in 2020 (out of 194 issues) and 1.183 billions in 2019 (205 issues), after 977 millions in 2018 and 1.175 billions in 2017. Instead, for a focus on the entire Italian private debt market, which also considers the issues exceeding 50 million euros size, direct lending, securitization of loans to businesses and direct purchases of performing and non-performing corporate loans, also on fintech platforms, see here the Private Debt Report for 2020of BeBeez available for the subscribers to BeBeez News Premium and BeBeez Private Data (see here how to subscribe).
Pusterla 1880, an Euronext-listed producer of secondary packaging for the luxury sector issued a 25 million euros sustainability-linked bond due to mature on 24 February 2027 (see here a previous post by BeBeez). The coupon will initially amount to 4.2% and may change on the ground of the company’s ESG performance. Andera Partners recently invested in the company that also belongs to the Meana Family. Pusterla has a turnover in the region of 130 million.
Italian utility uBroker issued a 1.7 million euros bond with a 90% warranty of Garanzia Italia of Sace (see here a previous post by BeBeez). The company made the transaction through Fundera, a crowdfunding portal that received the operational authorization from Consob for the digital placement of minibonds on the primary market. The bond is due to mature in 2024 has a flat-payments amortizing structure with an advance interest rate of 4.1%. The issuant paid in advance the coupons for all the tenure of the bonds discounted for the subscription date. Ascomfidi Nord-Ovest, Asconfidi Lombardia, Fidi Impresa & Turismo Veneto, and Neafidi subscribed the bond. In April 2019, uBroker issued a Milan-listed bond of one million while its turnover amounts to 80 million.
Axactor Italy, the Italian subsidiary of Norway-listed credit manager Axactor Group, generated a turnover of 27.7 million euros in 2020 (25 million in 2019) (see here a previous post by BeBeez). The head company has also subsidiaries in Finland, Germany, Norway, Sweden, and Spain and had sales of 328 million with an ebitda of 36 million.
Sorec, an Italian independent servicer for distressed credits, acquired a portfolio of unsecured distressed credits with a face value of 25 million euros from an undisclosed bank (See here a previous post by BeBeez). Sorec closed the transaction through the platform BlinkS, a digital marketplace for trading distressed credit that belongs to Gruppo Prelios.
On 25 February, Thursday, Seci, the holding of the Maccaferri Family, filed an application for receivership with Bologna Court without the support of London turnaround fund Taconic Capital as it was instead expected (see here a previous post by BeBeez). Seci reportedly held talks with Taconic for a 90 million euros financing facility that would have invested in paying its creditors and the investors in the 90 million bond it issued in February 2019 and for which provided the shares in Manifatture Sigaro Toscano as collateral.
The majority (70%) of Italian newswire Askanews accepted the company’s receivership plan (see here a previous post by BeBeez). Askanews has a turnover of 10.1 million euros and an ebitda of minus 0.343 million and will repay 16% – 18% of its unsecured creditors.
The Italian theme park Magicland received an undisclosed amount of fresh resources from Pillarstone Italy, a corporate turnaround and restructuring fund that belongs to KKR, and Banca Finint (see here a previous post by BeBeez). The company will invest the proceeds in its organic growth. In 2015, Pillarstone Italy acquired from Intesa Sanpaolo and Unicredit the credits they has with Magicland and other companies such as Burgo, Orsero, Comital Saiag, Lindberg, Manucor, and Sirti. In 2018, Brescia Court accepted Magiclan’d proposal for restructuring its 200 million euros debt (160 million with banks and 40 million with four leasing firms) while Pillarstone Italy subscribed a capital increase of 30.5 million through the conversion of credits in equity and cash payment. Magicland has sales of 11.6 million, an ebitda of minus 6.3 million, net losses of 15.1 million, net cash of 1.15 million and equity of 54.5 million.
Banca Progetto, an Italian challenger bank for SMEs and retail clients that belongs to Oaktree Capital Management since 2015, is again profitable ahead of the scheduled strategic timetable and its expected targets (see here a previous post by BeBeez). In 2020, the bank posted a preliminary net profit of 12 million euros (net losses of 7 million in 2019). The bank has assets for 2.5 billion and a CET 1 Ratio in the region of 20%.