Gattai, Minoli, Agostinelli & Partners advises Credimi in the revolving securitisation transaction of portfolios of trade receivables

The transaction marks the first securitisation within Italy’s fintech industry

The corporate and financial law firm Gattai, Minoli, Agostinelli & Partners acted as transaction counsel to Credimi, Italy’s leading invoice finance platform, in the first securitisation within the Italian fintech industry.

The securitisation transaction provides for various assignments, on a revolving basis, of portfolios of trade receivables from Credimi to Merlino Securitisation Srl, a securitisation vehicle incorporated in accordance with the Italian Securitisation Law.

To finance the purchase of the portfolios, Merlino issued five classes of partially paid Notes, pari passu and pro-rata between themselves, subscribed by Anima Sgr, Anthilia Sgr, BF Fund management Luxembourg S.A., Tikehau Capital and Credimi itself.

Gattai, Minoli, Agostinelli & Partners team advising Credimi was composed by the head of the structured finance department Emanuela Campari Bernacchi and the associate Salvatore Graziadei.

Banca FinInt acted as arranger of the securitisation transaction.