(Alliance News) - Banca Ifis announced Friday that it has successfully completed the restructuring of a securitization worth EUR1.2 billion involving proprietary factoring receivables.

The securitization, dubbed the "IFIS ABCP Program," was initially finalized on October 13, 2016, and involves the sale on a revolving basis of receivables owed by private customers arising from the bank's ordinary factoring business, purchased either without recourse or with recourse and of which the assigned debtor has been notified of the sale.

"The restructuring operation has led Banca Ifis, which has assumed the role of Lead-Arranger and Calculation Agent, to improve the economic conditions of the securitization and to broaden the investor base, which has increased from six to eight institutions," reads the company's statement.

The banks already involved in the project-Intesa Sanpaolo Divisione IMI CIB, UniCredit Bank GmbH, Bnp Paribas Cib Italia, SANTANDER CIB, Crédit Agricole Cib and Societe Generale CIB, all with the role of co-arranger-were joined by Cassa Depositi e Prestiti, whose commitment aims to secure new finance for SMEs, and Natixis CIB, the latter also taking on the role of co-arranger.

Also participating in the transaction were Banca Finint as Corporate Servicer, Representative of the Noteholders and Back-Up Servicer, BNP Paribas, Securities Services as Account Bank and Principal Paying Agent, and Clifford Chance as Drafting Counsel appointed by the underwriters.

"We are pleased with the success of this transaction, which had a market demand far exceeding the amount issued. With this project we further strengthen our business model in factoring and our ability to refinance ourselves independently. In addition, the enlargement of the underwriting audience, which is enriched by two prestigious players such as Natixis and Cassa Depositi e Prestiti, confirms the credibility and authority of Banca Ifis in a highly competitive market such as that of securitizations," says Roberto Ferrari, Chief Financial Officer of Banca Ifis.

Banca Ifis stock trades up 0.4 percent at EUR19.57 per share.

By Chiara Bruschi, Alliance News reporter

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