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![Banca-Ifis-Logo](https://bebeez.it/files/2020/05/Banca-Ifis-Logo-300x261.jpg)
In 1Q20 Intesa Sanpaolo recorded gross and net distressed credits for 30.2 billion (7.1% of the total credits) and 14 billion (3.5%) euros, (See here a previous post by BeBeez). Intesa’s Npls amounted to about 35 billion in September 2015 and to almost 23 billion in December 2017. The bank already hit 88% of the 2018-2021 target for NPL reduction. At the end of 2019 the gross distressed credits of Intesa Sanpaolo were of 31.3 billion (14.2 billion net) from 36.5 billion at the end of 2018 (16.6 billion net), with a gross NPE of 7.6% (3.6% net). At the end of 2018, the ratio was of 8.8% (4.2% net).
In 1Q20, the gross value of distressed credits in the portfolio of Milan-listed Banca Ifis amounts to 17.8 billion euros (net 1.27 billion) (See here a previous post by BeBeez). Given the current lockdown, the bank acquired Npls for a gross value of 50 million. Banca Ifis is reportedly competing with MBCredit Solutions (part of Mediobanca) for acquiring Loira, a 250 million portfolio of consumer credit Npls from Unicredit. Sources previously said to BeBeez, these are the only two binding offers that made the final stage of the auction. The bank’s business plan 2020-2022 set target of 602 million for revenues coming from the activities of management of Npls and factoring. The firm will acquire 8.5 billion of distressed credits in the period.
Federalberghi Abruzzo, the association of hotel structures of the Southern Italian Region of Abruzzo, launched the Pluribond Re-starTurismo Abruzzo programme, for supporting the cash neeed of tourism companies in the region (See here a previous post by BeBeez). Pluribond Re-Start will keep as underlying assets the issuances of bonds of the Horeca sector SMEs based in Abruzzo. Fundera, the equity crowdfunding platform of Frigiolini & Partners Merchant (F&P), will place the bonds that will receive the Government warranty for facing the coronavirus emergency. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Cairn Capital, a corporate lender that belongs to Mediobanca, raised 115 million euros from two institutional investors for its Cairn European Loan Fund (See here a previous post by BeBeez). Cairn European Loan Fund, born in January 2017, raised a total of 380 million of assets under management. Andrew Burke (cio) and Loic Prevot (portfolio manager), head the fund that mainly invests in senior secured floating rate syndicated loans. Borrowers are big non-investment grade European Corporates. However, the fund also acts with a speculative attitude for providing subordinated loans to mid-market companies. Since 2006, Cairn Capital invested more than 9 billion. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Ecopol, an Italian producer of eco-friendly films, issued a 4.5 million minibond euros (See here a previous post by BeBeez). Tenax Capital Private Debt Italia, a subsidiary of Chinese Fosun International, subscribed the bond that received the InnovFin warranty from the European Investment Fund (EIF) with the financial support of the European Union and the Orizzonte 2020 programme of the European Fund for Strategic Investments. Ecopol will invest the proceeds in its organic development. The company has sales of 6.3 million and aims to reach a 10 million turnover at the end of 2020. In July 2019, Tenax Capital’s founder Massimo Figna sold the majority of the business to Fosun. The private debt funds of Tenax Capital are active in Italy since 2015 and provided financing facilities to SMEs for about 150 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Pasta Zara raised a 25 million euros financing facility from Amco (fka Sga) (See here a previous post by BeBeez). Such injection of resources from Amco is the first step for relaunching Pasta Zara and for the implementation of its receivership plan. The company sold one of its plants to Barilla for 118 million. Pasta Zara has a gross financial debt of 241 million (178 million with banks and 73 million of credit lines from Banca Popolare di Vicenza and Veneto Banca that now belong to Amco). Ffauf, the Luxembourg holding of the Bragagnolo Family, the company’s controlling shareholder, has also debts of 50 million with Bank of China. Further owners of Pasta Zara are Friulia (11.25%) and Simest (11.76%). Amco is a full-service credit management company of the Italian Ministry of Economy and Finance that received from Fitch Ratings a BBB- Long-Term Issuer Default Rating (IDR) and an F3 Short-Term Foreign-Currency IDR with a stable outlook. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Stelbi, an Italian hydrothermosanitary company, is going to list on Milan market a one million euros bond for supporting its organic development (See here a previous post by BeBeez). Raffaele Stella and Loredana Bianco founded the company in 1991. In 2019, their kids Alberto, Francesco and Maria Elena started to manage the company which has sales of 9.7 million (8 million yoy) with an ebitda of 0.813 million (0.576 million). Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Italian publisher Eli-La Spiga Edizioni (part of Pigini Group) issued a 5 million euros minibond that Tenax Capital subscribed (See here a previous post by BeBeez). Pigini Group belongs to Lamberto Pigini and has sales of 1 million. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
By the end of 3Q20, UBI Banca will close the sale of distressed SMEs credits amounting to 800 million euros and achieve a gross NPE ratio of 6.7% (See here a previous post by BeBeez). On 8 May, Friday, the ceo Victor Massiah made such announcement. The bank said that in 1Q20 its distressed credits amounted to 6.7 billion, minus 2.4% compared to 4Q19 and minus 29.4% compared to 1Q19. The gross distressed credit ratio to total credits ratio is of 7.5% (7.8% in 4Q19 and 10.4% in 1Q19).
Frigomec, an Italian producer of refrigeration systems for the Horeca sector, issued a Milan-listed minibond of 0.25 million euros (See here a previous post by BeBeez). Frigomec will invest such proceeds in its organic development. Frigomec has sales of 2.94 million and an ebitda of 0.228. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
The Sardinia Region allocated 6 million euros for supporting local SMEs with minibonds through Sfirs, the regional financial services firm, said Giuseppe Fasolino, the regional councillor for budget (See here a previous post by BeBeez). The Region will invest half of such amount for co-financing enterprises in the productive sectors and prioritize the cork and stone fields. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Florim Ceramiche, an Italian tiles producer, received a 25 million euros positive loan from Bnl Bnp Paribas (See here a previous post by BeBeez). The positive loans conditions are linked to sustainability metrics for making the borrowers more competitive. Florim will invest the raised resources for improving its environmental impact, chairman Claudio Lucchese said.
Beniamino Caravita di Toritto, Gerardo Longobardi and Stefano Ambrosini, the extraoedinary administrators of troubled Italian shipping player Tirrenia (the bad company that belongs to the Italian Government after the sale of its healthy assets to Moby in 2012) are seizing 115 million euros worth vessels from Moby-Cin (See here a previous post by BeBeez). Rome Court authorized the administrators of Tirrenia to withdraw 115 million frmo Moby for paying back the company’s creditors. Moby’s residual debt for the acquisition of 60% of Tirrenia amounts to 180 million on the ground of an enterprise value of 376.9 million. Moby paid 135 million in July 2012 and 62 million in February 2016 when it refinanced its debt. Moby agreed to pay the remaining 180 million in three instalments: 55 million in April 2016, 60 million in April 2019, and 65 million in April 2021. The Onorato Family, the owner of Moby, is also reportedly holding talks for restructuring its 560 million debt.
Arrow Credit Opportunities (Italy) Feeder started a fundraising activity for investing the proceeds in Luxembourg-based master fund Arrow Credit Opportunities, an investor in European NPLs (See here a previous post by BeBeez). The feeder fund set a fundraising target of 150 million euros for paying investors a net IRR higher than median market figures. The feeder and the master fund will have a three years investment period at the end of which a distribution tenure of 5 years will start. Bnp Paribas Securities Services is acting as depository bank. In December 2019, Arrow Global announced a first closing of 838 million for Arrow Credit Opportunities ahead of a 2 billion target. Arrow Global is listed on London Stock Exchange and is the owner of Italy’s Sagitta (fka Vegagest), a manager of financial and real estate assets that Europa Investimenti acquired in 2017. Arrow Global acquired Europa Investimenti and and Npl servicer Parr Credit in 2018.
In 1Q20, Mps posted gross distressed credits of 11.6 billion euros (11.9 billion and net 6.1 billion in in 4Q19; 16.1 billion net 7.5 billion in 1Q19) (See here a previous post by BeBeez). In 4Q19, MPS sold 1.6 billion of NPLs to Illimity and further 200 million to other investors for a total sale of NPLs in 2019 amounting to 3.8 billion with a 12.5% Npl ratio. The bank beaten its 12.9% NPL ratio and achieved a 12.5% ratio two years in advance. After the last audit, the gross NPE ratio of MPS amounted to 12.4% in 4Q19 and to 11.8% in 1Q20, for a net NPE ratio of 6.4%. MPS is reportedly holding talks with Amco for selling Progetto Idra, a portfolio of distressed credits amounting to 10 billion. The Italian Ministry of Finance is also holding talks with the European Commission for offloading its 68% stake acquired in 2017. Marco Morelli, the bank’s ceo, said that talks for both option are gaining momentum.
Italian newspaper La Gazzetta del Mezzogiorno is going in liquidation after the decision of publisher Mario Ciancio Sanfilippo, the owner of Edisud (See here a previous post by BeBeez). Ciancio Sanfilippo invested more than 30 million euros for relaunching the paper and said that he will pay his dues with the banking system. Earlier in February, Edisud dropped talks with potential buyers Valter Mainetti and Gianpaolo Angelucci.
Epta, an Italian producer of refrigeration system for the big distribution, said that in 2019 it posted sales of 958 million euros (+4% yoy and 726 million generated in the Emea area) and net profits of 33 million (See here a previous post by BeBeez). Marco Nocivelli is the company’s chairman and ceo. In 2019 Epta acquired DAAS (Romania), Kysor Warren (USA), Kysor Warren de Messico, Sofrico (New Caledonia), and Linus Eco (Poland). In September 2017, Epta acquired Libre in Poland, King Richard Shop System (Philipines) and Portanuova (Chile and Peru). In March 2016, Epta carried on a private placement of a 20 million bond that Prudential subscribed through Pricoa Capital Group with a shelf contract that allows the company to issue up to 120 million US Dollars (or equivalent in euros). These liabilities are due to mature in 2023 and pay a 2.30% coupon. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Argo Tractors, an Italian producer of tractors, received a 50 million euros financing from Cassa Depositi e Prestiti and Intesa Sanpaolo (See here a previous post by BeBeez). The facility in in two tranches of 5 and 7 years and will wupport the company’s organic development. Argo Tractors generates abroad more than 80% of its 450 million turnover.
The Reggio Emilia Court accepted the request of Italian charcuterie producer Ferrarini for extending by further 60 days the deadline for tabling a new receivership plan (See here a previous post by BeBeez). Pini, an Italian producer of bresaola, confirmed its commitment for acquiring the majority of Ferrarini and to supply the necessary items for the production. The Court previously appointed Bruno Bartoli as extraordinary commissioner of the company and set a meeting with the company’s creditors for 8 July 2020. In view of this meeting, Intesa Sanpaolo grouped Grandi Salumifici Italiani (Gsi)-Bonterre, Casillo Partecipazioni and Opas, the consortium of pig farmers is working for tabling an offer for Ferrarini and its subsidiary Vismara. Unicredit, one of the lenders of Ferrarini, also approved this bid. Ferrarini’s main lenders are Intesa, Unicredit, Amco, and Mediobanca with an exposure of 200 million.
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