- The instrument was launched at Palazzo Mezzanotte in Milan today, in partnership with ELITE (part of the Euronext Group) and Assindustria Venetocentro.
- The initial €47.5 million issue will support the development plans of four companies from the north of Italy (Antonio Carraro, Novation Tech, Telebit and Industrial Cars) and five from the centre and south (Futur Box, Graded, Innovaway, Netcom Engineering and Patrone e Mongiello).
- The structure has a guarantee from the European Guarantee Fund (EGF), a key pillar of the €540 billion package of measures approved by the European Union to mitigate the effects of the coronavirus pandemic.
The European Investment Bank (EIB), Cassa Depositi e Prestiti (CDP), Mediocredito Centrale (MCC), Assindustria Venetocentro and ELITE presented the new €150 million Basket Bond Italia programme at Palazzo Mezzanotte, Milan today. The main objective of the programme is to support companies’ investment plans with alternative finance instruments, thereby strengthening their competitiveness in Italy and abroad.
This initial €47.5 million issue focuses on nine businesses from across Italy: Antonio Carraro (leader in the agricultural machinery sector), Novation Tech (specialist in the production and processing of components made from carbon fibre and composite materials), Telebit (system integrator for telecom networks), Industrial Cars (Ceccato Group company marketing industrial and commercial vehicles), Futur Box (food packaging company), Graded (specialist in integrated energy solutions), Innovaway (system integrator in the IT sector), Netcom Engineering (specialist in IT engineering) and Patrone e Mongiello (specialist in the cold stamping of steel sheet metal for the automotive industry). Each of these companies issued minibonds, all with maturities of six years including grace periods, collecting resources to support their investment and development plans in Italy and abroad. These minibonds were subscribed via a special purpose vehicle (SPV), which in turn issued securities subscribed equally by CDP and MCC.
The new programme, which will conclude at the end of 2022, benefits from the guarantee of the European Guarantee Fund (EGF). The EGF is managed by the EIB Group and is an integral part of the package of COVID response measures approved by the European Union in 2020 to address the economic difficulties and production slowdowns caused by the pandemic.
The initiative is promoted by Banca Finint as arranger in cooperation with Assindustria Venetocentro and ELITE. CDP and MCC invest in minibonds issued by companies wishing to finance their growth using an alternative channel to traditional credit. The instrument has a longer maturity than those typically offered by traditional channels and lower interest rates thanks to the support of the EGF guarantee.
Issuer details
Antonio Carraro is based in Padua and was founded in 1910. It manufactures highly specialised compact tractors for the fruit, fruit and vegetables, wine, civil maintenance and alpine haymaking sectors. It issued a €9 million minibond for investment in research and development in product innovations, the purchase of new equipment and energy efficiency.
Novation Tech is a Treviso-based company producing components made of carbon fibre and composite materials for the automotive, aerospace, sport-system and eyewear industries. It issued a €7 million minibond aiming to increase production capacity and expand staff numbers.
Telebit is based in Treviso and is specialised in telecommunications network systems. It issued a €10 million minibond for developing the digitalisation of business processes, purchasing new equipment and vehicles within its ESG objectives and installing photovoltaic systems at its corporate offices.
Industrial Cars (Ceccato Group), active in Vicenza, Treviso and Padua provinces, issued a €4 million minibond primarily to finance energy efficiency initiatives and the expansion of existing activities.
Futur Box is a Campania-based leader in the food packaging for takeaway pizza boxes sector. It issued a €2 million minibond for improving and strengthening of the production cycle via the purchase of a corrugator machine.
Graded was founded in Naples in 1958 and works on the design and implementation of integrated energy solutions in the public sector. It issued a €3.5 million minibond for the development of new plants for subsidiary BF Energy, a company operating in the field of renewable energy production in the agri-food sector.
Innovaway is based in Naples and is a system integrator in digital transformation. It issued a €3.5 million minibond for the development of a big data analytics IT platform.
Netcom Engineering is a Campania-based provider of IT engineering services for the telco-media, automotive and general consulting sectors. It issued a €3.5 million minibond to finance its research and development.
Patrone e Mongiello is based in Basilicata and specialises in the cold stamping of steel sheet metal for the automotive sector. It issued a €5 million minibond for the production of new moulds and the purchase of equipment.