Nexi sells €400 million floaters; Patriot National raises $10 million

By Devika Patel

Knoxville, Tenn., July 2 – The week opened with the announcement of three private placements.

Nexi Capital SpA, the Milan, Italy-based provider of automated payment services, completed a €400 million private placement of senior secured floating rate notes.

Patriot National Bancorp, Inc., the Stamford, Conn., bank holding company for Patriot National Bank, NA, concluded a $10 million private placement of fixed-to-floating rate subordinated notes.

And Atlas Renewable Energy sold a senior and a subordinated note to IDB-Invest. Atlas is a Miami renewable energy company.

Nexi places floaters

Nexi settled a €400 million private placement of senior secured floating-rate notes. The deal priced on May 25.

The notes bear interest at a floating rate equal to the Euribor plus 362.5 basis points.

Proceeds will be used to refinance Mercury Bondco plc’s existing debt, including the redemption in full of the €900 million 8¼%/9% senior secured fixed rate PIK toggle notes due 2021 and €200 million senior secured floating-rate PIK toggle notes due 2021, the €600 million privately placed senior secured floating-rate PIK toggle notes due 2021 and the €600 million 7 1/8%/7 7/8% senior secured fixed rate PIK toggle notes due 2021.

Patriot National taps market

Patriot National settled a $10 million private placement of fixed-to-floating rate subordinated notes due June 30, 2028. Sandler O’Neill + Partners, LP was the lead agent, and Brean Capital, LLC was the co-agent.

Interest accrues at 6.25% per year until June 29, 2023. From June 29, 2023 onwards, the notes will bear interest at a floating rate equal to Libor plus 332.5 bps, which will be reset quarterly.

Proceeds will be down-streamed to Patriot National Bank, NA as regulatory capital, which will be used for financing of its pending acquisition and for general corporate purposes.

Atlas Renewable sells notes

Atlas Renewable completed a private placement of senior and subordinated notes with IDB-Invest.

DNB Markets, Inc. and the Inter-American Investment Corp. were the agents.

The deal included an investment-grade senior tranche and a junk-rated subordinated tranche.

Proceeds will be used for the company’s El Naranjal and Del Litoral solar PV projects in Salto, Uruguay.

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