Italian export credit agency Sace has provided an 80% guarantee for a €500mn term loan to software company Bending Spoons, as the ECA continues to support Italian companies investing overseas.
The deal was led by HSBC Continental Europe as sole coordinator and mandated lead arranger, while Intesa Sanpaolo acted as Sace agent and mandated lead arranger, and BPER Banca CIB as structuring advisor and mandated lead arranger
It falls under Sace’s Internationalisation programme, which helps Italian companies and their subsidiaries grow abroad by both supporting working capital to sustain and expand exports as well as through cross-border acquisitions.
Founded in 2013, Bending Spoons has become one of Europe’s most active software acquirers, having bought digital platforms including AOL, Evernote, WeTransfer, Brightcove and Meetup, among many others. The loan will help fund the Milan-based firm’s strategy of acquiring overseas software companies.
“The transaction is aligned with Sace’s mandate, which includes supporting both Italian exports and investments by Italian companies in Italy and abroad, where these contribute to their growth and competitiveness,” a spokesperson for the agency said.
It is the most recent example of Sace’s use of guarantee-backed financing to support “the international growth of Italian companies, including through cross-border M&A transactions”, they added.
The new Bending Spoons €500mn medium- to long-term facility sits alongside €495mn of additional term loan A financing and a €490mn increase in commitments under the company’s revolving credit facility, bringing the total value of new and expanded facilities agreed since the beginning of the second quarter to €1.49bn. All the facilities mature in March 2031.
Michele Pignotti, chief executive of Sace, said Bending Spoons – which debuted last month on the Nasdaq stock exchange in an IPO that valued the company at over US$18bn – was “a strong example of how Italian innovation, combined with exceptional talent density, can compete and grow on a global scale”.
“This transaction confirms Sace’s commitment to standing alongside leading Italian companies that invest in innovation, expand into global markets, and contribute to the competitiveness of Italy’s innovation ecosystem,” he said.
HSBC added in a social media statement: “Leveraging our export finance expertise, we structured an innovative and flexible financing solution, providing Bending Spoons with attractive, scalable funding for its next phase of global growth.”
Sace has previously guaranteed a €10mn UniCredit-arranged facility for ceramics maker ABK Group, which used the funding to acquire brands including Gardenia Orchidea and Versace Ceramics as part of its international expansion.
