Basket Bond: new €5 million tranche of the CDP, MCC and Sella for Italian Mid-Caps and SMEs
The minibond is linked to the achievement of specific sustainability targets and is designed to support Cotonificio Albini’s development plans through the purchase of new machinery to upgrade its production facilities
The transaction supports the growth of the textile sector and features an innovative financial structure under which the company’s inventory is pledged as collateral through a non-possessory movable pledge
Cotonificio Albini has joined the basket bond programme promoted by Cassa Depositi e Prestiti, Mediocredito Centrale and Sella with a new €5 million issue. The transaction brings the total value of minibonds subscribed under the initiative to approximately €120 million. Since its launch in 2021, the programme has supported 14 Italian companies in their growth, innovation and sustainable development projects, facilitating access to the capital markets and strengthening their competitiveness in Italy and abroad.
More specifically, Cotonificio Albini, a market leader in the manufacture of shirting fabrics, has issued a six-year minibond aimed at supporting the company’s development and industrial rationalisation process through the purchase of machinery and equipment to upgrade its production facilities.
CDP and MCC both acted as anchor investors, each supporting the project by subscribing 40% of the securities issued by a Special Purpose Vehicle (SPV), while Banca Sella subscribed the remaining 20%.
In particular, Cotonificio Albini’s bond issue has a sustainability-linked structure, under which specific sustainability KPIs are identified. Achievement of the relevant targets results in a reduction in the interest rate applied to the financing.
