Garanzia Campania Bond carried on two further issuances worth 30.7 million euros that have as underlying the bonds of Amendola, Bioitalia, Cesare Attolini, I.B.I.M., Insem, Istituto Diagnostico Varelli, Italced, Magsistem, Qualityagro, S.A.C.S., Trade Coffee, U.G.M., Viniexport, and Vrent (see here a previous post by BeBeez). Cassa Depositi e Prestiti (CDP) and Mediocredito Centrale (MCC) acted as anchor investors and subscribed an even portion of the total issuance. The company will invest these proceeds in their organic development and the digitalization of their business. The Campania Region will guarantee 25% of the total issuance of bonds of GCB that amounts to 148 million. Basket Bond Campania BBC will issue abs notes that Cdp and Mcc will subscribe. C.M.O., Condor, Eton Textile, Effetre, Faia, Graded, Officine Meccaniche Irpine, Salerno Pesca, Scatolificio Salernitano, and Starpur previously joined the GCB programme whose current minibond portfolio amounts to 75.95 million. The programme received expressions of interest from further 124 SMEs. The successful applicants may issue bonds for other 72.05 millions.
Lending platform October allocated further 200 million euros for supporting the Italian SMEs facing the consequences of the COVID19 crisis (see here a previous post by BeBeez). October made a securitization of SMEs loans with the support of Gruppo Intesa Sanpaolo and the sponsorship of an undisclosed international equity investor.
Banca Sella will subscribe all the notes of a securitization of SMEs loans that Credimi will issue for up to 32 million euros (See here a previous post by BeBeez). The SMEs may apply for loans of up to 5 years with a reimbursement from 2021. Fondo di Garanzia will provide a warranty for up to 90%. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Illimity provided Italian digital utility Be Power with a six-years financing facility of 14 million euros (see here a previous post by BeBeez). The company will invest these proceeds for developing the services for the electric mobility sector. Illimity provided a facility of 8.5 million with the warranty of Garanzia Italia of SACE and 5.5 million with the support of Fondo Centrale di Garanzia. Be Power belongs to Zouk Capital (51%) since May 2019 and to Aretex Capital Partners. The company has sales of 62.4 million.
Igeam, an Italian consultancy firm for engineering, raised a 2 million euros direct lending facility from HI CrescItalia Pmi Fund, part of Hedge Invest (See here a previous post by BeBeez). This fixed-rate senior unsecured financing has a 5 years tenure and a quarterly repayment plan with an initial pre-amortising period of 6 months. The company will ivnest such proceeds in its external growth.
Quaestio Private Markets Funds – European Private Debt, a Sicav managed by Quaestio Capital, raised further resources from institutional investors and achieved total resources of 670 million euros.(see here a previous post by BeBeez). The fund aims to generate a net yield of 6.5% over 7 years with biannual coupon of 5% per year. Alessandro Potestà and Mario Baronci manage the fund.
The Market Watch Npl Report of Banca Ifis said that in 2021 the distress ratio of banking credits will increase from 1.3% to 2.8% and amount to 138 billion euros (69 billion of distressed credits, 62 billion of Utps and 7 billion of expired Utps) (see here a previous post by BeBeez). The gross NPE ratio could be of 7.3% in 2021. The bank presented the report during the event Npl Meeting 2020: The new wave (see here a previous post by BeBeez). Yves Mersch, a member of the executive board and vicepresident of the supervisory board of the European Central Bank, said that the European financial firms must keep handling their portfolios of NPLs to avoid the proliferation of zombie firms. Mersch also said to be skeptical about the creation of an European bad bank as there isn’t yet a banking union and this would make too difficult the cross-border management of NPLs.
Carige said it will postpone to 2021 the sale of its non performing leasing credits to AMCO (see here a previous post by BeBeez). The bank is reportedly planning to sell to AMCO a 2.8 billion euros worth portfolio of distressed credits (60% of them are Utps with a price of 1.049 billion). Carige already sold to AMCO 2.3 billion of this portfolio, but suspended the sale of the remaining 500 million previously scheduled for 31 March 2020. The leasing credits of this left portion amount to 177 million (for a price of 48 million), while 310 million (increased to 324.3 in 1H20) are the credits that the bank had with troubled shipping group Gruppo Messina and that were sold one month ago (see here a previous post by BeBeez).
Unicredit and doValue are working on a 2 billion euros worth Gacs for a portfolio of Npl leasing (see here a previous post by BeBeez). The transaction should close by the end of 2020. Between 2017 and 2019, Italian leasing firms sold distressed credits worth in the region of 6.5 billion, while the distressed credits amounted to a total of 197 billion, according to the data that BeBeez released in the report To Lease 2020 for Assilea, the Italian Association of Leasing Companies.
On 4 October, Sunday, the shareholders of Banca Mps voted about the announced spin off and sale to Amco of a portfolio of distressed credits worth 8.1 billion euros that are part of Hydra project (see here a previous post by BeBeez). The Italian Ministry of Economy and Finance and the minority shareholders of Mps will get B shares of Amco in exchange of their stakes in the bank.
Liberty di Navigazione (part of default shipping group Deiulemar) a troubled shipping company, signed a restructuring agreement with Taconic Capital to whom sold its bulk carrier LDN Fortuna (See here a previous post by BeBeez). Deiulemar belonged to the Families Lembo, Iuliano and Della Gatta, and bankrupted in 2012 with a bond default worth 800 million euros. In 2018, Taconic Capital and SC Lowy acquired from Mps a shipping UTPs portfolio of 160 million US Dollars.
Wrm Group, a Luxembourg firm of Raffaele Mincione, is in advanced talks for investing 40 million euros for Kipre, an Italian distressed producer of ham (see here a previous post by BeBeez). Wrm will carry on the acquisition through Athena Capital as soon as the company will implement a debt restructuring. Walter Bellantonio will be the ceo of Kipre that reportedly held talks with Oxy Capital and QuattroR. The company has sales of 165 million, an ebitda of 7 million and a net debt of 130 million.
Florence Court issued a bankruptcy sentence for Italian textile company Rifle & co. (See here a previous post by BeBeez). In June 2017, Kora Investments, a Swiss firm that Alessandro Pallara and Salvatore Insinga lead, acquired 44% of the business and raised their stake to 55% in May2018. Rifle has sales of 16 million euros, an ebitda of minus 4.3 million and net cash of 0.572 million.