A new so-called minibond issued by Italy’s leading web agency Primi sui Motori spa has been almost fully subscribed by institutional investors who committed 2.6 million euros out of a 3 millions target (download here the Italian press release).
Primi sui Motori is listed at Aim Italia of Borsa Italiana and provides services that help businesses enhance their presence on the internet, making their operations efficient and profitable, and improving search engine positioning through Search Engine Optimization (SEO).
The issue approved last month by the board matures on May 9th 2017, pays a 7 pct coupon, is senior unsecured and not rated. The bond won’t be listed on the Italian Stock Exchange’s ExtraMot Pro market as instead was the case of Primi sui Motori’s first minibond issued last July with a 3 million euros target too (actually subscribed for 2.56 million euros, see here ExtraMotPro data for the bond). “Investors will be able to subscribe the remaining 400k euros starting in two weeks’ time and till the end of the year, but I expect the 3 millions target to be reached quite soon”, cfo Luca Giorgerini, told BeBeez.
The bond is actually meeting favour from investors even if 2013 figures for the company weren’t very good. “This is because Q4 signed an inversion in the negative trend and Q4 ebitda actually created ebitda for the whole year 2013. And the positive trend has been confirmed both for revenues and for ebitda in Q1 2014 both by the parent company and by its new three subsidiaries which have been acquired during 2013”, Giorgerini added.
Primi sui Motori reached 11.5 million euros in revenues in 2013 (from 10.5 millions in 2012) with 0.6 millions ebitda (from 1.4 millions) and a net financial debt of 6.6 millions (from 5.9 millions). Taking into account three acquisitions made in 2013 (Crearevalore spa. 3ding Consulting srl and 2ThePoint PSM srl) , pro-forma consolidated revenues are 13.9 million euros.
Cash from the new minibond issue will be used by the company to support business growth as detailed in the 2014-2016 Industrial Plan approved last March. The Plan says that growth might be reached by acquisitions too and Giorgerini confirms this is still an issue even if the company is in an m&a process (see a previous post by BeBeez) and in the next few weeks a dataroom by advisor K Finance will be opened to selected potential investors interested in buying founder Alessandro Reggiani and Equilybra Capital Partners’ stakes in Primi sui Motori’s shareholders capital.
“We do not know now where this process will bring us so we are going on pursuing the Industrial Plan’s objectives. We have some dossiers for potential targets on the table. Still we are not going to close any deal before Summer. We’ll wait Autumn to have a clearer picture of 2014 figures before proceding to any new acquisition”, Giorgerini said.