Subordinated Bond Loan | CDP

Subordinated Bond Loan

 

Who it is aimed at

Enterprises affected by the Covid-19 epidemiological emergency that meet, in addition to the general access criteria, the following requirements:

  • must not be a small or medium-sized enterprise on the date of application
  • a reduction in revenue between1 March 2020 and the date of application of not less than 10% compared to a period of the same duration, relating to the period before1 March 2020
  • rating of not less than B+, or equivalent, issued by an external credit rating agency (ECAI) not earlier than 6 months before the date of application for assistance
  • not operating in the banking, financial or insurance sectors and are not undertakings referred to in Art. 162-bis of the Consolidated Income Tax Law
  • if unlisted, any public shareholding of less than 10%
  • not in difficulty as at 31/12/2019 (pursuant to Art. 2(18) of Commission Regulation No. 651/2014 of 17 June 2014)


How it works

With the Subordinated Bond Loan instrument, with a duration of 6 years, we can support the financing needs of your company for investments in production plants and business activities located in Italy.

Economic conditions
EURIBOR* 1Y+:

  • 2.50% (1st year)
  • 3.00% (2nd-3rd year)
  • 4.00% (4th-5th-6th year)

* in the event of a negative EURIBOR, the latter shall be deemed to be zero.
 

The main features of the instrument are:

  • operational streamlining of concession procedures
  • flexible repayment plan, thanks to the absence of early repayment penalties
  • limited costs in managing the instrument

 

The amount of assistance must be at least €1 million and must not exceed the greater of

  • 2/3 of the wage bill resulting from the financial statements as at 31/12/2019
  • 8,4% of revenue *resulting from the financial statements as at 31/12/2019

At least 40% of the nominal value of the loan must be earmarked for investments and projects located in Italy that are innovative and/or highly environmentally sustainable.


It will be possible to apply for this instrument until 31 December 2021, unless extended.

* In the event other instruments are taken out, relating to paragraphs 3.2 and 3.3 of the Temporary Framework, the total amount of all instruments, including the subordinated bond, must not exceed 25% of revenues or double the wage bill. If the company belongs to a group, reference will be made to the values of the aforementioned revenues or wage bill on a consolidated basis and achieved in Italy, at the highest degree of consolidation.
 

How to apply

You can apply through one of our Qualified Intermediaries .


 

The 4 steps to apply for the Patrimonio Rilancio

  • Choose the intermediary: the company applies to one of CDP's partner intermediaries
  • Verification of requirements: the intermediary verifies the requirements are met and sends the application to CDP
  • Assessment: CDP assesses the application and decides if to provide assistance
  • Disbursement: in the event of a positive decision, CDP finalises the loan to the company
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