White & Case Advises Intrum on Piraeus Bank's €7.2 Billion NPL Securitisation

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

Piraeus Bank is the largest bank in Greece and the Project Sunrise I portfolio consists of approximately 205,000 loan exposures and had a gross book value of €7.2 billion at September 30, 2020. 

"The Sunrise I transaction is part of 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 two milestone securitization deals which furthered their successful strategic partnership, with a gross book value of approximately €4.9 billion for the Project Vega portfolio and approximately €1.92 billion for the Project Phoenix portfolio." 

The Sunrise I securitisation portfolio held by Sunrise I NPL Finance DAC consists of retail and corporate non-performing loans. The rated Class A Notes of the Sunrise I transaction in the amount of approximately €2.45 billion 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 I portfolio, and Intrum Holding AB has acquired approximately 49 percent of the mezzanine and junior notes of the securitisation with a combined nominal value of approximately €2.34 billion. 

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) and associates Marcin Zawadzki (Dubai) and Reetu Vishwakarma (Frankfurt).

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