Stock Buyback & Refinancing

Pricoa provides one-stop financing solution

Headquartered in Rome, Italy, Italian Entertainment Network SpA (IEN) provides museum services, event creation and production, video advertising production and cultural entertainment.

In 2017, IEN’s advisor approached Pricoa Capital Group with a financing need. IEN aimed to refinance existing long-term debt and to reorganize their capital structure, seeking to finance the buyout of minority shareholders with long-term debt rather than dilutive equity capital.

Pricoa provided a one-stop financing solution consisting of €12 million of senior secured notes funded at close, a €10 million committed senior facility and €14 million of senior subordinated notes. Additionally, Pricoa established a €20 million uncommitted senior accordion facility and an €8 million uncommitted subordinated accordion facility.

When evaluating financing partners, IEN’s management team saw distinct advantages to partnering with Pricoa. Pricoa was able to provide a comprehensive solution that could refinance IEN’s current debt structure with long-term and more patient capital. In addition, Pricoa’s capacity for follow-on financing was extremely attractive given IEN’s plan for further consolidation of minority shareholders and tuck-in acquisition opportunities. IEN also valued Pricoa’s relationship-focused approach, desire to learn the business, tailored approach to the financing and strong institutional reputation.