Apr 1, 2023

Italian-listed real estate firm Risanamento acquired Milano Santa Giulia after having reached an agreement with Lendlease and the other target’s lenders (see here a previous post by BeBeez ). Lendlease will take part of Santa Giulia’s assets for 648 million euros. Risanamento will clear its 566 million banking debt with Intesa Sanpaolo and other firms. NYSE-listed Apollo Global Management allocated a further 150 million euros for investing in distressed companies credit in italy through Apollo Delos, a vehicle developed in partnership with Apeiron Management, a company that Alessandro Fracanzani heads (see here a previous post by BeBeez ). Eurovita, the troubled Italian insurer that belongs to Cinven, will soon be in extraordinary administration (see here a previous post by BeBeez ). The Italian Ministry of finance and IVASS, the Italian authority for the insurance sector, are monitoring the situation. Massimo Ferrero increased his stake in troubled Italian football team Sampdoria  (see here a previous post by BeBeez ). The club is still studying the issuance of a convertible bond of up to 40 million euros. Italian football club FC Inter is struggling for raising the resources to reimbourse the 275 million euros (9% yield) bond maturing in May 2024 that Oaktree Capital Management subscribed in May 2021 (see here a previous post by BeBeez ). Inter belongs to Suning, a Chinese conglomerate that belongs to the Zhang Family and Lion Rock (31.05%). Although Oaktree has the right to convert Inter’s debt in equity, press reports say that the fund may not be interested in such an investment. Società Autostrade Alto Adriatico (SAAA) received from CDP and the European Investment Bank a 750 million euros loan (see here a previous post by BeBeez ). SAA received two credit lines of 375 million each (250 million of direct financing and a 125 million warranty from Sace). The tenure of the facilities is of 23.8 years. Bertolotti, an Italian provider of logistic services, placed a Vienna-listed minibond with a coupon of 10.85% and maturity in 2024 (see here a previous post by BeBeez ). The company retained as advisors Gianni & Origoni and Rewind. Bortolotti will invest such proceeds in the earlier closure of its receivership debts. The business belongs to Luca Baneschi and Chiara Baneschi and has sales of 13.6 million, an ebitda of 1.2 million and a net financial debt of 3.2 million. CMS, an Italian industrial company, said it completed its restructuring (see here a previous post by BeBeez ). The company now belongs to Luciano Salda (45.45%) and to other shareholders (54.55%). However, sources said to BeBeez that the company could consider M&A options with trade buyers or private equity firms. Global Strategy, Pedersoli Studio Legale, Studio Rinaldi, and Studio Legale Tullio & Partners assisted the company. CMS has debts of 23 million euros (4.4 million unsecured and mortgages of 3 million; 4.7 million of debts with suppliers, and 10 million of senior debt). Repower Italia, an Italian utility, attracted SACE – backed financing facilities for 100 million euros (see here a previous post by BeBeez ). The company will invest such proceeds in its working capital and in facing the volatility of commodities prices. BNL Bnp Paribas, Banco BPM and MPS Capital Services provided a 60 million revolving credit line with a tenure of 18-month. The company also received from Intesa SanPaolo a 24-months term loan of 40 million. Intermonte and Giliberti Triscornia e Associati assisted Repower Italia, a subsidiary of Swiss Repower. PAL Italia, an Italian industrial company, attracted a financing facility of 1.2 million euros from Banca Progetto, a challenger bank that belongs to Oaktree Capital Managament (see here a previous post by BeBeez ). CDI Global Italy assisted PAL Italia which belongs Stefano Mascheroni and has sales of 4.6 million, an ebitda in the region of 0.2 million and a net financial debt of 0.45 million. Anthilia Capital Partners launched Anthilia MUST, a multistrategy private markets fund for retail investors (see here a previous post by BeBeez ). Anthilia MUST will invest 70% of its resources in Italian midmarket companies and 30% in global markets through BlackRock’s vehicles. Anthilia MUST will target three asset classes: equity (up to 50% of the assets and firms with a market capitalization of below 500 million), credit (35% of the assets and companies with 10-350 million revenues) and real economy (15%). Cherry Bank, an Italian NPE investor, launched an alternative Investments division (see here a previous post by BeBeez ). Andrea Florio, formerly cfo and head of business development of Banca Finint and coo of Natissa (a portfolio company of Bain Credit Capital), will head the unit. Giovanni Bossi, the ceo and founder of Cherry Bank, said that the unit will start to focus its activity on fixed income ahead of targeting the npl sector. Iperceramica, an Italian distributor of tiles, attracted a six-year 10 million euros financing facility from UniCredit with a 90% warranty from SACE (see here a previous post by BeBeez ). The company will invest such proceeds in its plant in Fiorano Modenese and the working capital. Findynamic, a dynamic discounting platform, signed a supply chain financing partnership with American Express (Amex) (see here a previous post by BeBeez ). Tenax Sustainable Credit Fund, a fund that Tenax AM and Intesa SanPaolo launched, received warranties for 60 million euros from the European Investment Fund (EIF)  (see here a previous post by BeBeez ). Such transactions are part of the programme InvestEU for the digitalization and innovation of SMEs. Tenax Sustainable Credit Fund aims to raise 300 million. In 2022, Clessidra Factoring generated a turnover of 459.1 million euros (see here a previous post by BeBeez ). The fund’s interest margin amounted to 0.979 million, while the brokerage margin has been of 8.96 million. Clessidra posted gross profits of 3.55 million and net profits of 2.36 million. From 6 April, Thursday, Mediocredito Centrale (MCC) will provide warranties for basket bonds and the SPVs that subscribe to the notes of the issuants (see here a previous post by BeBeez ). The warranty will be of up to 5 million euros for each company and up to 25% of the portfolio’s total value.