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(Visited 36 times, 1 visits today)

Carige toward the total adhesion for the bond conversion

12 October, Il Sole 24 Ore

The Colella group (Alcott) in pole position for the office in Milan

Carige is heading towards a positive conclusion of its Lme operation. Besides, the bank from Genoa seems to be about to sell its office in Milan located in Corso Vittorio Emanuele, a real jewel among the assets put on sale by the bank.

For what concerns the liability management exercise, according to sources in the financial sector, the bank is going toward the complete conversion of the Tier 1 bonds for 160 million: besides Generali, also other bondholders adhered to the offer. This is an important step since the yes from Generali alone allowed to reach a 60% adherence for a price of 30 cents. The goal for the bondholders is 75% by the first meeting scheduled for 21st October and 25% for the second meeting on 6th November.

In the meanwhile, for the Tier 2 bonds also the feedbacks are positive. In fact, the 50 million bond, consisting in Intesa Vita, got the green light for the conversion, therefore the operation can be considered concluded. Regarding the 100 million Tier 2 bond, with the adhesion of Unipol who held most of it, together with other bondholders, the quota is now over 75%. There is left the 200 million Tier 2 which, according to financial sources, is getting a good number of adhesions too.

To the point that the Lme operation can be said to be accomplished already in its first phase, which concluded yesterday, even though the deadline for the voluntary adhesion to the conversion of the four tranches of bonds is on 18th October. However, who adhered yesterday could get the full price. Therefore, the Carige strengthening strategy is in full action and it should include also the divestitures and the sale of 1.4 billion bad loans which should take place in November. Finally, the strategy will be completed by an input of capital of 560 million, 500 of which in equities and 60 through conversion of bonds. As a result, there is a feeling of “cautious optimism” regarding the strategy, supported by Credit Suisse and Deutsche Bank.

Concerning the office in Corso Vittorio Emanuele in Milan, the highlight of the Carige divestitures, it seems like it will be sold soon. According to Il Sole 24 Ore, there are two competitors: on one side the group Colella from Naples, a private company that might be already talking to banks regarding the financing, on the other side the asset manager Antirion, whose funds main underwriter is Enpam. Nunzio Colella is the founder the group Capri, among the first Italian companies operating in the fast fashion sector with brands such as Alcott and Gutteridge. According to the rumours, he’s the favourite for the acquisition.

The property might be sold at a price of 110 million euro, a competitive amount that caused the exit from the competition of the other players that examined the dossier: from Bnp Paribas to Triuva, till retailers such as Inditex and Maramotti. Carige will be soon taking a decision assisted by its advisor Jones Lang LaSalle.


Source: Il Sole 24 Ore (by Raoul Forcade, Carlo Festa)

Translator: Cristina Ambrosi

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