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, 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.
NPLs and UTPs sale and purchase
- York Capital Management Europe (UK) Advisors in connection with two complex restructuring transactions involving, amongst others, the acquisition by funds managed or advised by York, through two separate Italian securitisation structures, of two 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 and acquisition of an Italian portfolio of non-performing financial lease receivables together with the relevant leased assets and contracts for a total value of €1.7 billion.
- UniCredit 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 around US$45 million.
- Goldman Sachs in connection with Casavo's €150 million debt financing carried out through the structuring of a financing and securitisation program. Finint acted as servicer and corporate servicer of the securitisation program. Casavo will also act as asset manager of the financed properties and agent in the context of the overall financing program.
- 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.
- Pitagora S.p.A., as originator, and Banca IMI S.p.A., as arranger, in connection with a securitisation of receivables, originated by Pitagora and assisted by the assignment of up to one fifth of the borrowers' salary or pension or by payment delegation, for a total value of €525 million.
- Goldman Sachs, 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
- 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.
- Crédit Agricole Corporate and Investment Bank in connection with a €170 million facility agreement granted to a primary luxury company.