(Finance) – Generalfinancea financial intermediary specializing in factoring for distressed SMEs, has announced the entry of Intesa Sanpaolo (IMI Corporate & Investment Banking Division) which new senior lender – next to BNP Paribas – as part of the commercial credit securitization program with which it transfers without recourse, on a revolving basis, portfolios of performing commercial credits originating in the exercise of its core business to a vehicle company up to a maximum revised amount of 590 million euro from the initial 295 million.
“We are particularly proud that Intesa Sanpaolo – after BNP Paribas – has also decided to finance Generalfinance through the securitization structure launched last year – commented on theCEO Massimo Gianolli – This operation will allow the company to achieve the ambitious turnover growth targets, forecast at 2.7 billion at the end of 2024 compared to 1.4 billion in 2021 “.
Credit purchases are financed through the issue of three classes of partly paid ABS securities, with different degrees of subordination, in particular: a maximum of 200,000,000 euros of Senior Notes A1, subscribed by BNP Paribas, through the Matchpoint Finance LTD conduit, with a commitment of 75 million euros; a maximum of 200,000,000 euros of Senior Notes A2, subscribed by Intesa Sanpaolo, through the Duomo Funding PLC conduit, with a commitment of 50 million euros; a maximum of 42,400,000 euros of class B1 and B2 Mezzanine Notes – initially subscribed and withheld by Generalfinance – may in the future be placed with institutional investors; a maximum of 29,600,000 euros of Junior Notes, fully subscribed and withheld by Generalfinance, also in order to satisfy the regulatory retention rule.
Generalfinance is hard at work for arrive at Piazza Affari (in particular on Euronext STAR Milan). “In light of the ongoing listing project, I thank – personally and on behalf of our company – the Corporate Finance Mid-Cap structure of the IMI CIB Division for the support that the Intesa Sanpaolo group is providing to Generalfinance in this very important phase “, added Gianolli.