CLIENT : Trevi-Finanziaria Industriale SpA

TRANSACTION: Debt advisory e restructuring

DATE: May 2020

SECTOR: Energy, Utilities and Infrastructure

Mandate:
Trevi Group, Italian Group operating in subsoil engineering, has successfully completed a capital strengthening and debt restructuring operation under the Italian art. 182 bis L.F.

The financial manoeuvre, which reached a total capital strengthening of the Group of ca. €391, was based on three fundamental pillars:

  • Capital Increase, which consisted of:
    • rights offering to be subscribed in cash and to be offered pre-emptively to the shareholders and with underwriting commitment by the institutional investors
    • capital increase reserved to banks to be subscribed through debt-equity swap of Trevifin bank debt
  • debt restructuring, governed by restructuring agreements pursuant to art. 182 bis of the Bankruptcy Law and issue of new finance and bonding lines, with more than 30 banks involved
  • disposal of the activities in the Oil&Gas sector (Drillmec S.p.A. e Petreven S.p.A.) to the Indian Group MEIL

Trevi Group was established in Cesena in 1957 and today has more than 30 branches and is present in over 80 countries. The Group operates in the field of foundation engineering (special foundations), tunnel excavation, soil consolidations, recovery of polluted sites, in the design and marketing of relevant special technologies, but also in the execution of multi-story automatized and underground car parks. As of 31 December 2019, the Group reported total revenues of ca. €624m.

Vitale acted as financial advisor of the Trevi Group, providing assistance in the economic and financial analyses, definition of the structure and the terms of the manoeuvre, negotiations and definition of the agreement with the counterparties, cooperation with legal consultants in the revision, negotiation and definition of the legal documentation.

Transaction value: € 870m

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