White & Case advises Intrum on Piraeus Bank’s €500 million NPL securitsation

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

"The Sunrise III transaction is the third transaction under the wider Sunrise transformation programme that Piraeus Bank announced in March 2021," said White & Case partner Dennis Heuer, who led the Firm's deal team. "Intrum and Piraeus Bank have already closed six other Hellenic Asset Protection Scheme securitisations as part of their successful strategic partnership, now totaling over €17 Billion gross book value."

The Project Sunrise III portfolio consists of loans with a total gross book value of €500 million as at 31 December 2021.

The Sunrise III securitisation portfolio held by Sunrise III NPL Finance DAC consists of retail and corporate performing and non-performing loans. Piraeus Bank S.A. has already applied for the approval of the Hellenic Republic for a guarantee on the senior notes amounting to €160 million under the Hellenic Asset Protection Scheme framework.

Piraeus and Intrum have agreed that Intrum Hellas will act as servicer of the Sunrise III portfolio, and Intrum has agreed to acquire approximately 44 percent of the mezzanine and junior notes of the securitisation. Another investor, Waterwheel Capital Management, has also agreed to acquire 51 percent of the same tranches of notes from Piraeus.

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

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