Corvallis spa, a leading information technology provider in Italy, mandated Banca Popolare di Vicenza for structuring an 8 million euro bond  (socalled minibond)  (download here the press release).
The bond is maturing in 2019, pays a 6.25% coupon and will be listed on the ExtraMot Pro market by Borsa Italiana. Proceeds from the bond will be used in order to finance the future growth of the business. Corvallis has been rated A3.1 by Cerved rating agency (download here Cerved’ report) and expects to reach revenues of more than 100 million euros this year (up from 75.2 millions in 2013 when it reached also 5.4 millions in ebitda with a net financial debt of 14 millions).
Corvallis was previously named Infracom IT. The company was bought-out by the managers Antonio Santocono ed Enrico Del Sole back in 2012 from Infracom with support from private equity operator Nem sgr (gruppo Banca Popolare di Vicenza), who now owns a 43.5% stake in Corvallis’ capital.
Italian SMEs’s debt(so called minibond) issues listed at theExtraMot Promarket by Borsa Italiana reached 650 million euros in mid-October up from 331 millions in mid-July thanks to an explosive third quarter (25 issues and 362 millions), Epic sim calculated, including issues with size lower than 50 million euros (see a previous post by BeBeez). SInce then some other issues has been listed on the market (see here announcements of the last issues on the ExtraMot Pro market).
