Riccardo Verzeletti
Biography
Overview
Riccardo Verzeletti is an associate in the Milan office and his practice focuses on special situations, general banking and structured finance matters. He has substantial experience in public and private securitisation transactions of a wide range of underlying assets (including RMBS, SMEs, consumer loans, CQS/CQP loans, leasing receivables, NPLs/UTPs, healthcare receivables and esoteric asset classes such as project finance loans and construction claims), regularly liaising with raters, arrangers, originators, servicers, issuers and credit enhancement providers. He has gained a strong expertise on both the sale and acquisition of receivables and other distressed assets of all asset classes, including secured and unsecured loan receivables, leasing, litigation claims, distressed real estate projects and shipping loans, also in the context of workout and restructuring situations. He also worked on several banking matters, including general lending, real estate finance, margin loans, corporate finance and debt restructuring and insolvency.
From January 2020 to July 2020, he was seconded to the debt capital markets and structured products legal team at a US global investment bank in London.
Experience
NPLs and UTPs sale and purchase
US investment fund Silver Point Capital LP and its affiliates in connection with their successful bid to acquire, through an Italian securitisation structure, a portfolio of non-performing loans (NPLs) - owned by five different Italian SPVs - from Seer Capital Management LP, a New York-based financial investment firm, for a total amount of approximately €150 million.
UniCredit S.p.A., as originator and initial unitholder, in connection with the overall restructuring of certain non-performing investments of approximately €2 billion involving, inter alia, the setting-up of Olympus, a closed-ended alternative investment fund reserved to professional investors, and the contribution of a combination of restructured securitisation notes backed by two portfolios of distressed mortgage loan receivables, newly issued securitisation notes backed by distressed loan and leasing legal relationships and shares.
Asset Management Company S.p.A. (AMCO) in connection with the acquisition of a portfolio of unlikely-to-pay loans (UTPs) from Intesa Sanpaolo for a total amount of €120 million.
York Capital Management Europe (UK) Advisors in connection with a complex restructuring transaction involving, amongst others, the acquisition by funds managed or advised by York, through two separate Italian securitisation structures, of a €150 million non-performing mortgage loan portfolios secured by a combination of hotels, commercial properties and residential properties and the subsequent restructuring of the debtors' indebtedness pursuant to a framework agreement made by and between the investor and the relevant debtors. Credito Fondiario S.p.A. and Fire S.p.A. in connection with the purchase of a €698 million non-performing receivables portfolio from Banca Monte dei Paschi di Siena S.p.A. and MPS Leasing & Factoring S.p.A.
Oak Hill Advisors (Europe) LLP in connection with the bid for the potential acquisition of an Italian portfolio of non-performing financial lease receivables together with the relevant leased assets and contracts owned by an Italian bank, for a total value of €1.7 billion.
UniCredit S.p.A. in connection with the successful disposal of secured and unsecured non-performing shipping loans owned vis-à-vis an Italian shipping company to a primary international investment bank, for a total value of approximately US$45 million.
Securitisations
Goldman Sachs International, as arranger and senior lender, and the other senior lenders in connection with the establishment (and subsequent size increase) of an innovative private financing/securitisation for Casavo, an online PropTech platform in the real estate instant buying market.
A US bank in connection with: (i) the acquisition of €100 million asset backed securities issued by an Italian securitisation vehicle and the subsequent restructuring of the securitisation transaction; and (ii) the purchase by a newly established Italian securitisation vehicle, acting through different compartments thereof, of two portfolios of performing and non-performing loans and the subsequent securitisation of such loans.
Glennmont Partners, as equity investor, in connection with the securitisation of performing project finance loans originated by Banca Popolare di Bari S.C.p.A. This transaction represents the first securitisation in the renewable energy sector and included a €41,830,000 Floating Rate Senior Notes issuance and a €9,642,000 Floating Rate and Variable Return Junior Notes issuance.
Banca IMI S.p.A. (now Intesa Sanpaolo S.p.A.), as arranger, and Pitagora S.p.A., as originator, in connection with the restructuring and re-tranching of a securitisation of receivables originated by Pitagora and backed by the assignment of up to one fifth of the borrowers' salaries, pensions, or payment delegations, for a total value of €670 million.
NPL Securitisations
Two global investment banks, as arrangers and lead managers, in connection with the securitisation of a €865 million portfolio of non-performing claims sold by Credito Fondiario S.p.A., in the context of the reorganisation of its banking business.
Credito Fondiario S.p.A., as master servicer and special servicer, in connection with the €920 million multi-originator securitisation of non-performing receivables originated by 15 Italian banks (GACS eligible).
Secundum Naturam S.r.l. in connection with the purchase, through an italian securitisation structure, of non-performing mortgage loan receivables owed by Ubaldi Costruzioni S.p.A. and the related amendments to the existing transaction documents of the securitization.
Goldman Sachs International, as financial advisor to Credito Fondiario and structuring agent to Elliott, in connection with the successful bid by Credito Fondiario and Elliott to acquire a portfolio of non-performing loans from Banco BPM. The €7.8 billion NPL portfolio has been sold to an Italian securitisation vehicle and securitised through the issuance of various tranches of asset-backed securities.
Real Estate financings
Goldman Sachs International, as arranger and senior lender, and the other senior lenders in connection with the establishment (and subsequent size increase) of an innovative private financing/securitisation for Casavo, an online PropTech platform in the real estate instant buying market.
UniCredit S.p.A., as lender and agent, in connection with the €14.2 million real estate financing to Immobiliare Elvezia S.r.l., a company owning a real estate complex for office use located in Monza.
Mediobanca – Banca di Credito Finanziario S.p.A., as original lender and agent, in connection with a term loan facility granted to Kryalos SGR S.p.A., acting as managing company of the close-ended real estate alternative investment fund "Tyre" – Fondo di Investimento Alternativo Immobiliare di Tipo Chiuso Riservato, to finance the acquisition of an office building located in Milan named the HQ1 building, headquarters of Pirelli & C. S.p.A.
Debt Finance
The lenders in connection with a revolving credit facility and the subsequent amendment and increase granted to a primary luxury group.
Crédit Agricole Corporate and Investment Bank in connection with a €170 million facility agreement granted to a primary luxury company.
