22 September 2016

Pillarstone Italy SPV S.r.l.: the KKR Italian platform to finance the corporates debt restructuring through the securitisation

Securitisation Services acts as master servicer in the project "Pillarstone", launched in December 2015 by KKR & Co., a leading global investment firm.

The participation of Securitisation Services in this securitisation transaction is part of a wider partnership with the Finanziaria Internazionale Group, initiated several months ago with the KKR fund and the first two Italian banks, Intesa Sanpaolo and UniCredit.

This project, called "Pillarstone," aims to revitalize important Italian industrial groups whose debt situations make difficult access to new funding. The "platform" used for these injections uses the securitisation instrument, in other terms a vehicle established under law 130/1999 which becomes the owner of all or part of the debt and is in a position to grant new loans in respect of new business plans.

Securitisation Services takes part to this great project of relaunch of important Italian companies providing the roles of master servicer, corporate servicer, representative of noteholders holders and calculation agent in the securitisation, while Banca Finint is the liquidity provider.

To date, Pillarstone Italy SPV S.r.l. has carried out 7 deals as many as the industrial groups involved (Cuki Group S.p.A., Lediberg S.p.A., Alfa Park S.r.l., Manucor S.p.A., Burgo Group S.p.A., Premuda S.p.A., Sirti S.p.A.), while others are expected in the coming months.