CRIF continues to grow and draws a new EUR 45 million tranche through the private placement program with Pricoa Private Capital, launched in 2016 and extended in 2020
This new issue is part of the Shelf Facility which provides the possibility of placing new issues up to a total value of USD 125 million, helping to support the EUR 350 million investment plan for the three-year period 2021-2023.
The note placement involves a 12-year amortization plan (6.5-year average life span) at a fixed interest rate.
CRIF S.p.A. - a global company based in Bologna and specializing in credit bureau and business information, as well as advanced digital solutions for business development and open banking - completed the issue and placement of notes through Pricoa Private Capital – the private capital business of Prudential Financial, Inc. of the United States (NYSE:PRU) and one of the main players in the international private placement market - with a value of EUR 45 million.
The notes have been issued in a single tranche with a 12-year amortizing structure and a fixed interest rate.
“Despite the pandemic, CRIF has continued on its development path and confirmed its international growth and investment plans, further accelerating the expansion of its range of innovative digital and open banking solutions. This private placement gives us the opportunity to continue to diversify the funding sources for our 350 million of investments for 2021 - 2023,” commented Carlo Gherardi, CEO of CRIF. “Specifically, the Shelf Facility we have signed with Pricoa Private Capital confirms the solidity of CRIF, allowing us to issue bonds on international markets, particularly in the US, and in such challenging times.”
In this regard, it should be stressed that the considerable investments made over time to diversify activities both on a geographical level (with a direct presence that currently extends to around 40 countries across 4 continents) and in terms of new services have guaranteed CRIF considerable resilience, even in a year characterized by a health and economic emergency.
More specifically, in 2020, consolidated revenues grew further to EUR 567 million compared to EUR 557 million in 2019, while EBITDA amounted to EUR 126 million compared to EUR 108 million in the previous year.
In line with the Group’s global positioning, the new industrial plan for the three-year period 2021-2023 involves investments in new services, including open banking on a global level, totaling EUR 350 million, which are in addition to the EUR 119 million in 2020, already up on the EUR 90 million a year earlier, and all despite the difficulties arising from the pandemic.
At the same time, in order to support its growth path, the company has recently launched a recruitment plan which in 2021 alone involves 380 new staff, 150 of which will be in the Group’s Italian offices, following on from the 220 already hired globally in 2020, even during such a complex period.
Finally, as well as continuing the acquisition program that over the years has also allowed the company to develop its ecosystem of innovative end-to-end open banking solutions for banks and financial institutions, CRIF has launched an ambitious start-up acceleration project aimed at developing synergies with FinTech and InsurTech businesses in a number of countries and promoting the creation of a new kind of entrepreneurship with highly innovative and technological content, also linked to the CRIF Campus at Varignana (Bologna).
Greenberg Traurig Santa Maria acted as CRIF’s legal counsel, with Akin Gump Strauss Hauer & Feld representing the Investor. The Deutsche Bank Trust & Agency Services Team acted as the agent bank.
For more than 75 years, Pricoa Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights, guidance, and customised capital solutions that enable them to achieve their growth and funding goals.
In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, Pricoa is known for building enduring local partnerships based on a steady and patient commitment to their partners’ long-term capital needs.
With regional teams in 14 offices around the world, Pricoa Private Capital manages a portfolio of more than US$100 billion as of 31/12/20.
For more information: www.pricoaprivatecapital.com