April 6, 2022
April 6, 2022
CRIF S.p.A. - a global company based in Bologna and specializing in credit and business information systems, outsourcing and processing services, as well as advanced digital solutions for business development and open banking - completed the issue and placement of notes through Pricoa Private Capital - part of Prudential Financial, Inc. of the United States (NYSE:PRU) and one of the main players in the international private placement market - with a value of EUR 45 million within a Shelf Facility that provides the possibility of placing new issues up to a total value of USD 175 million (or equivalent in EUR).
This new private placement follows one for EUR 50 million in July 2016, a second for EUR 30 million in April 2020, and a third for EUR 45 million in April 2021, resulting in an extension for a further three years and an increase in the cap of the current Shelf Facility to USD 175 million.
The EUR 45 million in notes have been issued in a single tranche with a 12-year amortizing structure and a fixed interest rate. The Shelf Facility offers CRIF S.p.A. the option of asking Pricoa Private Capital to register new issues in the next three years up to a total value of USD 175 million (or equivalent in EUR).
“Despite the downturn in the economic cycle, CRIF has continued on its development path and maintains its global positioning, with a further growth in initiatives and revenues last year. This US private placement allows us to further diversify our funding sources and extend our debt profile to support our expansion strategy. Specifically, thanks to the excellent results achieved in 2021, we have recently confirmed our global investment strategy, with a total value of EUR 350 million for the 2021-2023 three-year period,” commented Carlo Gherardi, CEO of CRIF. “It is also worth underlining how the Shelf Facility we have signed with Pricoa Private Capital confirms our strong solidity, allowing us to issue bonds on international markets, even in the US, and in such challenging times.”
With a consolidated turnover of EUR 600 million in 2021, CRIF is currently the leading supplier in continental Europe of banking and credit information, and one of the main players on a global level for integrated business and commercial information systems and credit and marketing management.
Greenberg Traurig Santa Maria acted as CRIF’s legal counsel, with Akin Gump Strauss Hauer & Feld representing the Investor, while the Deutsche Bank’s Trust &Agency Service Team acted as agent bank of the issuance.