Farbanca completes securitization for 540 million

Farbanca, a company of the Banca Ifis group, has completed a securitization of loans for a total nominal value of approximately 540 million euros for funding purposes. The transaction, structured by Banca Ifis and Intesa Sanpaolo as co-arrangers, was completed with the acquisition of the receivables by the vehicle company Emma Spv. A note communicates it. The receivables to be sold, it says, derive from land, mortgage and unsecured loan contracts issued by Farbanca as part of its business. “We are satisfied with the completion of this new senior financing operation which sees Banca Ifis in the role of arranger, confirming the interest in increasing our operations in this sector”, explains Saverio Bonavita, head of the Capital Markets Central Department. “As investors, we have been present in the market for some years, our goal is to position ourselves as a partner that is always open to innovative solutions.” In detail, the securities were issued in three classes: the senior class, for a nominal value of 397 , 5 million euros, was fully subscribed by Intesa Sanpaolo (Imi Corporate Investment Banking Division); the mezzanine and junior classes, equal to 53 million euros and 90.1 million euros respectively, were fully subscribed by the originator. The operation, which takes the form of a ‘size increase’ of an operation carried out in 2018 by Farbanca, will allow the originator to increase funding at more favorable conditions than in 2018, in terms of both cost and duration. Farbanca, originator of loans, operates throughout the national territory and carries out banking activities mainly aimed at the world of pharmacy and healthcare. The company was acquired on November 27, 2020 by the Banca Ifis Group which controls 70.77% of the capital. The remaining 29.23% is held by 450 small shareholders.