The group Codex, one of the main social cooperatives active in Italy, has issued a mini-bond from 10 million euro. Cassa Depositi e Prestiti played the role of anchor investor, having subscribed bonds for 5 million, while Finint Bank was arranger of the operation.
The minibond is listed on the ExtraMOT Pro3 of Borsa Italiana, has a duration of 7 years and an annual coupon of 3,85%.
Codess will use the 10 million to support the 2019-2025 business plan, especially strengthening activities in Friuli Venezia Giulia.
The cooperative has over four thousand members workers and a turnover of around 150 million euros. The group manages over 200 services in the fields of education, physical and mental disability and geriatrics, including over two thousand beds.
Recently, Codess Sociale acquired two structures in England used as residences for the elderly for a total of 90 beds.
"This investment has made it possible to expand the collaboration already in place with the Onlus Codess in the social housing sector - underlines Andrea Nuzzi, Head of Corporate and Financial Institutions of Cassa Depositi e Prestiti - an area in which Cassa Depositi e Prestiti represents the largest investor nationally and among the main ones worldwide”.
“This sector is particularly in demand by the market – says Simone Brugnera, manager of the minibond area of Banca Finint – The Codess minibond was initially envisaged for a value of 7,5 million euros but given the strong interest shown by high-standing investors such as Cdp it was increased up to 10 million. At the end of the placement, a reopening of a further 2 million has also been envisaged, to ensure that other interested parties can participate in the operation”.
“A tool that helps us in development – comments the general manager of Codess Sociale, Luca Omodei – considering that in the next few years the need for residential and home care services and educational services will grow exponentially. We are therefore committed to experimenting with innovative paths that allow us to interpret the changes to give our company a perspective of future development and solidity".
