Hogan Lovells advises UniCredit on the relaunch of its Superbonus Tax Credit Purchase and Securitization Program with EBS Finance

The programme, governed by Law 130/99 (i.e., the securitisation law), aims to assist operators in the construction industry who have completed works and reached tax capacity and need to sell their tax credits.

Specifically, the program enables companies, tradespeople, and professionals who have accrued tax credits through invoice discounts to monetize these credits, thereby obtaining the necessary liquidity to sustain their operations.

EBS Finance, a securitisation company that belongs to the UniCredit Group, is responsible for purchasing the tax credits. To fund these purchases, EBS Finance receives loans from UniCredit in compliance with Article 1(1)(b) of Law 130/99.

After purchasing the tax credits, EBS Finance sells them to third-party customers of UniCredit, in accordance with the provisions of Article 14(1)(b) of Legislative Decree 50/22 (also known as the "aid decree").

As part of the program, UniCredit has already entered into tax credit assignment agreements with six major players in diverse economic sectors (i.e. large retail, fashion, healthcare, temporary employment agencies, and energy production/distribution). Additionally, the bank is expected to sign eleven more agreements, which will help gradually absorb the tax receivables that EBS Finance is set to acquire from the bank’s customers.

Hogan Lovells provided assistance to UniCredit as Transaction Counsel, providing legal, tax, and regulatory advice on all aspects of the program. The team was led by partner Federico Del Monte, with support from senior associate Daniele Russo, associate Serena Tonello, and trainee Anita Lucchini. A team from the firm's tax department, led by Serena Pietrosanti, head of tax (Italy), and Maria Cristina Conte, senior associate, worked on the tax aspects of the transaction.