Intesa Sanpaolo and GSO Capital Partners, the credit investment arm of
Blackstone, have entered into a strategic partnership to provide an
alternative source of funding to Italian middle market businesses. The
partnership will significantly expand the availability of private debt
capital in Italy, enabled by favourable recent changes in the Italian
legal and regulatory framework.
The collaboration will have a focus on both existing corporate clients
of Intesa Sanpaolo as well as the broader Italian middle market
corporate universe. The private debt capital will be provided to
sub-investment grade companies for a variety of purposes ranging from
growth capital, acquisition financing, to opportunistic refinancings.
The private debt capital offering via this partnership will serve to
complement the existing offerings of the domestic banking system and
expand financing options for the Italian middle market corporate, where
applicable.
The partnership of Intesa Sanpaolo and GSO Capital Partners / Blackstone
brings together two highly reputable institutions with a long track
record of European credit investing, and has resulted from the long
standing existing relationship between the two firms.
Giovanni Gilli, Head of Capital Light Bank, Intesa Sanpaolo, said:
“Intesa Sanpaolo considers the partnership with GSO/Blackstone, an
institution with a strong expertise and reputation in European private
credit asset class, a significant opportunity to support its corporate
clients. This brings an additional channel of long term specialized
financing resources as a way to further enhance our dialogue with
pre-existing and new corporate relationships.”
Tripp Smith, co-founder of GSO Capital Partners, said: "GSO is excited
to partner with Intesa Sanpaolo, with its long heritage and successful
long-term track record in Italian lending. It is a unique opportunity
for us to access the Italian corporate mid-market given Intesa
Sanpaolo’s incumbency and deep relationships across all sectors. Our
ability to provide flexible and long-term private debt capital via this
partnership will differentiate our two firms, and ultimately benefit the
Italian corporate borrower.”
About Intesa Sanpaolo:
Intesa Sanpaolo is among the top banking groups in the euro zone, with a
market capitalisation of over 50 billion euro.
Intesa Sanpaolo is the leader in Italy in all business areas. The Group
offers its services to 11.1 million customers through a network of
approximately 4,500 branches well distributed throughout the country.
Intesa Sanpaolo has a selected presence in Central Eastern Europe,
Middle Eastern and North African areas with approximately 1,400 branches
and 8.4 million customers belonging to the Group's subsidiaries
operating in retail and commercial banking in 12 countries.
Moreover, an international network of specialists in support of
corporate customers spreads across 29 countries, in particular in the
Middle East and North Africa and in those areas where Italian companies
are most active, such as the United States, Russia, China and India.
About GSO:
GSO Capital Partners LP is the global credit and distressed investment
platform of Blackstone. With approximately $73 billion of assets under
management, GSO is one of the largest alternative managers in the world
focused on the leveraged-finance, or non-investment grade related,
marketplace. GSO seeks to generate attractive risk-adjusted returns in
its business by investing in a broad array of strategies including
mezzanine debt, distressed investing, leveraged loans and other
special-situation strategies. Its funds are major providers of credit
for small and middle-market companies and they also advance rescue
financing to help distressed companies.
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