Cassa Depositi e Prestiti (CDP), Mediocredito Centrale (MCC) ed EQUITY they started the program of financing “Basketball Bond Tech” focused on support for businesses operating in the digital sector and technological innovation projects.
The Basket Bond Tech is designed as a innovative means to help companies to access financial markets, offering visibility to issuing companies, growth opportunities, networking and improving their reputation and financial culture.
Offer an alternative tool to SMEs and Mid-Caps
The objective of the plan is supply to small and medium-sized businesses (SMEs) e to medium-sized businesses (Mid-Cap) Italian a alternative means to traditional bank financing to support their growth and investment projects, both internally and through acquisitions, in order to improve their competitiveness both nationally and internationally.
The project implies that the companies involved issue minibonds which will subsequently be underwritten by a securitization company. The latter will receive financing through the issue of asset-backed securities subscribed in equal parts by Cassa Depositi e Prestiti (CDP) and Mediocredito Centrale (MCC).
I minibonds, issued on an unsecured basis, may have a maximum duration of six years and provide for the repayment of the capital in constant instalments.
The first companies to participate in the program
The first companies to participate in this new program are Digital360 e Retex, two companies active in digital innovation in Italy:
- Digital360, listed on Euronext Growth Milan, helps businesses and public administrations in their digital transformation, putting them in contact with the best technological suppliers. They issued a 8 million minibonds euros to support the growth of the group, including external acquisitions.
- Retex, leader of a company active in digital marketing, specialized in proprietary services and solutions for the retail sector, has issued a 5 million minibonds euros to finance the investment plan envisaged by their business plan.
The initiative is promoted by EQUITA as arrangers, with the support of CDP and MCC as investors. They will be new issues made of minibonds from other participating companies, up to a maximum of 100 million euro.
Zenith Service SpA will act as servicer, corporate servicer, calculation agent and bondholder representative, while Bank of New York Mellon SA/NV, Milan Branch will act as paying agent and account bank. BFF Bank SpA will be the custodian bank. Furthermore, the tax law firm Dentons Europe provided separate legal assistance to EQUITA and the investors (CDP and MCC) for the legal aspects related to the transaction.
