The Cartolarizzazione Progetto PMI 5 is a securitization project related to Banca Progetto, an Italian digital bank specialized in services for small and medium-sized enterprises and private customers.
This project was concluded in August 2023. As part of this project, Banca Progetto obtained new liquidity by increasing the portfolio guaranteeing the operation by an additional 500 million euros.
These funds are constituted by loans granted by the bank to small and medium-size enterprises and midcap companies, and are guaranteed by the Guarantee Fund and Sace.
In this context, JPMorgan, in the role of the original senior lender, granted a new senior facility amounting to 350 million euros, increasing the total financed value to about 790 million euros. The transaction, which saw JPMorgan in the role of arranger, was concluded on February 1, 2024.
The new liquidity generated by the significant increase in the original operation supplements the 2.4 billion euros collected by the bank as of December 31, 2023, derived from structured finance. These funds will be used to grant new loans to Italian Sme. (Redazione)