White & Case Advises Intrum on Piraeus Bank’s €2.7 Billion NPL Securitisation

Global law firm White & Case LLP has advised Intrum Holding AB (Intrum) on a securitisation transaction involving Piraeus Bank's Sunrise II non-performing loan portfolio.

"The Sunrise II transaction is the second transaction under the wider Sunrise transformation programme Piraeus Bank announced in March 2021," said White & Case partner Dennis Heuer, who co-led the Firm's deal team. "Intrum and Piraeus Bank have already closed Sunrise I in October 2021, which furthered their successful strategic partnership, with a gross book value of approximately €7.2 billion."

Project Sunrise II portfolio consists of loans with a total gross book value of €2.7 billion as at the reference cut-off date. 

The Sunrise II securitisation portfolio held by Sunrise II NPL Finance DAC consists of retail and corporate non-performing loans. The rated Class A Notes of the Sunrise II transaction will have the benefit of a guarantee issued by the Hellenic Republic under the Hellenic Asset Protection Scheme (HAPS). The Ministry of Finance of the Hellenic Republic has already issued its decision approving the grant of the HAPS guarantee in relation to the senior notes for the transaction. 

Piraeus and Intrum have agreed that Intrum Hellas will act as servicer of the Sunrise II portfolio, and Intrum Holding AB has acquired approximately 44 percent of the mezzanine and junior notes of the securitisation. Another investor has also acquired 7 percent of the same tranches of notes from Piraeus.

The White & Case team that advised on the transactions was led by partners Dennis Heuer (Frankfurt) and Henrik Wireklint (Stockholm), and included counsel Claudio Medeossi (Dubai, London), associate Marcin Zawadzki (Dubai) and transaction lawyer Reetu Vishwakarma (Frankfurt).

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