Will Carlyle save Officine Macafferri?
The holding Seci has accepted the binding offer for the purchase of 100% of the shares of Officine Maccaferri, presented by the group of investors gathered under the name Ad Hoc Group (AHG) also composed of Carlyle. All the details
Carlyle becomes the owner of Officine Maccaferri, a company under arrangement with the Court of Bologna and which belongs to the holding Seci.
The purchase of all the shares of Officine Maccaferri comes from a group of investors consisting of Carlyle Global Credit Investment Management, Man GLG and Stellex Capital Management (together with Ad-Hoc Group or AHG).
A 40 million euro bridging loan is expected to rescue the company. All the details.
WE CHECK BINDING OFFER
The board of directors of the Seci holding, which met last night, accepted the binding offer for the purchase of 100% of the shares of Officine Maccaferri, presented by the group of investors gathered under the acronym Ad Hoc Group (AHG), a group of bondholders which holds 54% of the 190 million euro bond with a 5.75% coupon and maturing in 2021, consisting of Carlyle Global Credit Investment Management, Man GLG and Stellex Capital Management.
SECI STARTS AUCTION
As per the law, the holding Seci, which always belongs to the Maccaferri family, also presented the application to the court of Bologna asking to hold the competitive auction again on Officine, to evaluate, as required by law, any alternative offers.
BRIDGE LOAN FOR COMPANY SURVIVAL
Alongside the acquisition offer, the investors have promised a bridge loan of 40 million euros, to be disbursed by the end of 2020, in order to guarantee the continuity of the target company.
THE CONCORDATO
Officine Maccaferri has been undergoing renovations for several months. In March, the company filed the request for an arrangement with creditors with reserve with the Court of Bologna.
THE FRAMEWORK AGREEMENT WITH AHG
The request for an arrangement , it must be remembered, followed a restructuring framework agreement signed with Ad Hoc Group and had the objective of starting and regulating the various phases of the financing and intervention on the company's capital by AHG .
In recent months, the fund led by Carlyle had orchestrated a € 60 million bailout plan, which was rejected by the Bologna court for technical failures.
CARLYLE WINS OVER VINCI
Carlyle got the better of the Vinci group, a French giant active in the construction, concessions (airports, highways and stadiums) and energy sectors, which would have presented an expression of interest in the first days of September.
OFFICINE MACCAFERRI
Founded in 1879, Officine Maccaferri offers engineering solutions for the reduction of hydrogeological risk , for the development and safety of transport infrastructures and the urban environment.
The company, present with 30 plants in 4 different continents, is part of the holding of the Maccaferro family, SECI, a company that since 1949 has been operating in various business areas through its 7 divisions: Officine Maccaferri (environmental engineering), Manifatture Sigaro Toscano (tobacco ), Sadam (food), Samp (mechanical engineering), Seci Real Estate (construction), Seci Energia (energy), JCube (Innovation hub).
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/carlyle-salvera-officine-macafferri/ on Thu, 15 Oct 2020 09:46:03 +0000.