Il Sole 24 ORE S.p.A., publishers of Italy’s leading business daily issued a €55 million ($71 million) trade receivables-backed securitization, the group said in a press release yesterday.

The transaction is the first of its kind to emerge from the Italian media industry.  The company said that the securitization offered more competitive financing than traditional financial instruments.

The securitization agreement was underwritten by Banca IMI.

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