It will be easier for unlisted small and medium-sized enterprises to access the debt market. New tools will in fact be provided for in the decree for development. This was confirmed by Minister Corrado Passera, heard by the Senate Industry Commission.
The measure envisaged in the next Development decree, reads a document filed by the minister in the commission, is aimed at "expanding the opportunities for recourse to the debt market for unlisted Italian companies, including medium and small ones, through the issuance of short-term debt instruments (financial bills) and medium/long-term debt instruments (bonds) also with an equity content”. In fact, - explained the minister - "the extension also to unlisted companies that issue debt securities traded on regulated markets or multilateral trading facilities is envisaged, of the full deductibility of interest expense if
subscribed by non-shareholder qualified investors; of the exemption from withholding tax on income paid on debt securities traded in EU Member States and in White List countries”.
The main novelties of the "relaunch of financial bills" concern "the change in the duration of the bills, from a minimum of one month to a maximum of 18 months from the date of issue; the possibility of dematerialising these titles to facilitate their circulation". In addition, "subordinated equity bonds with a term of no less than 60 months and subordination and profit-sharing clauses" are being introduced.
And still with regard to small and medium-sized enterprises, the government plans to release 35 billion of public administration debts. "The overdue public administration, especially for small and medium-sized enterprises, has become a burning phenomenon" and "in this first phase we plan to put ourselves in a position to demobilize up to about half" of the estimated 70 billion, said the Minister of Development . In particular, explained Passera, the problem was tackled through the 6 billion euro made available with the Salva Italia decree "and then with the three decrees that are about to be published in the Official Gazette": the one on the certification of corporate credit towards the public administration, the one on the offsetting of receivables and payables and the provision for support to creditor companies through a direct guarantee on the advance of receivables from the public administration.
