Svas Biosana Issues 6 Million Bond (6.5 year term) as Part of RedFish Basket Bond

Svas Biosana spa, a company specialized in the production and distribution of medical devices for public and private healthcare facilities, listed on Euronext Growth Milan since December 2021, has issued a 6 million euro bond with a duration of 6 and a half years, to support its investment and growth plan.

The ones who subscribed to it, as the second issue within its RedFish Basket Bond program, were RedFish Capital Debt spa and Banca Finint.

Svas Biosana is not new to this type of operation, having already issued a 10 million euro minibond in 2017

In the program, the typical agent roles of the spv, such as the servicer, the corporate servicer, the calculation agent and the representative of the noteholders are performed by Banca Finint, as well as the roles of agent bank and payment agent of the bonds , while the arranger, as well as Senior Investor Banca Finint, was assisted for the legal part by the BonelliErede firm. The Junior Investor, RedFish Capital Debt, and the companies issuing the bonds were assisted by Grimaldi Alliance.

As mentioned, this bond loan represents the second issue slot within the Redfish Basket Bond program, structured through the placing on the market of two classes of asset-backed securities , senior and junior , subscribed respectively by Banca Finint and RedFish Capital Debt.

In the previous issue last May, the beneficiaries of the program were Marullo spa, Movinter spa and Rfltc-Inox srl, for a total amount of 12 million euros, compared to its overall target value of 70 million at the conclusion.

As for Svas Biosana, it is not new to this type of operation, having already issued a 10 million euro minibond in 2017, part of the Elite Basket Bond, and a 5 million euro minibond , part of the Export Basket Bond placed in April 2019.

Founded in 1972 by the Perillo family, Svas Bioana is based in Somma Vesuviana ( Naples) and belongs to a group of companies active in the production of medical devices, incontinence products, procedural packs, electromedical equipment and appliances, surgical instruments and specialist products. In particular, Galenica Senese, founded in 1949 and based in Monteroni d’Arbia (Siena), operates in the production and sale of infusion and injectable drugs, as well as medical devices under its own brand and for third parties in Italy and abroad.

Currently, Svas Biosana is an international reality with approximately 350 employees, 3 production plants in Italy and is directly present in 5 countries with a list of 16,000 products. In 2023, the company’s turnover was 118.2 million euros, the EBITDA was 13.2 million and the net debt was 28.3 million.

The founders of Svas Biosana had bought back the company’s shares held by the Atlante Private Equity fund, managed by Neuberger Berman , in December 2019. The operation was conducted in tandem with the private debt fund of Green Arrow Capital sgr, which had granted a direct lending loan.

Umberto Perillo, CEO of Svas Biosana, commented: “The financial resources of the operation will allow us to accelerate the development of our strategic activities , strengthening our presence in international markets and supporting innovation in the key sectors in which we operate. The resulting investments will contribute to improving our competitiveness , creating sustainable value for all our stakeholders.”

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(Featured image by moerschy via Pixabay)

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