Zepos & Yannopoulos acted as advisor on matters of Greek law to the Joint Global Coordinators (HSBC Bank plc, Mediobanca-Banca di Credito Finanziario S.p.A. and Merrill Lynch International), to the Joint Bookrunners and to the Co-lead Managers in the latest recapitalization of Eurobank Ergasias S.A.
Finance & Capital Markets
With more than 20 years of experience as senior legal counsel within a Greek systemic bank, Kitty Fragalexi is joining our team to bring in depth expertise and practical insights on credit institution regulation, distressed debt dealings and banking policy.
Our firm sponsored the NPL Investing & Servicing Summit organized by DDC Summits held from 17 to 18 October 2019 in Athens. The summit gave a global perspective on NPLs and distressed investment opportunities, with particular focus on Greece and was attended by more than 300 participants from across the market board.
On 1 August 2019, National Bank of Greece S.A. and CarVal Investors entered into a definitive agreement for the sale and purchase of an unsecured non-performing portfolio of credit cards, consumer loans, small business loans and small & medium enterprises loans with total principal amount of c. €1.2 billion (Project Mirror).
Our firm advised funds advised by affiliates of Centerbridge Partners, LLP and Elliott Advisors (UK) Limited (the Consortium) in relation to the sale of a portfolio of c. 12,800 secured non-performing Small Business Lending and Small & Medium Enterprises loans (c. 8,300 properties distributed across Greece) with total outstanding principal amount of c. €0.9 billion with NBG.
We advised Eurobank Ergasias S.A. (“Eurobank”), a Greek systemic bank listed on the ATHEX, in Project Pillar, a securitisation of a non-performing residential mortgage loan portfolio of gross book value of c. € 2 billion. The transaction is the first of its type in the market both in terms of asset class and in terms of structure, being the first Greek deal to have obtained green light from the ECB for Significant Risk Transfer recognition under the European Capital Requirements Regulation (575/2013) and a rating by DBRS (at BB).
Our Christina Papanikolopoulou was a keynote speaker during the 23rd Annual Global ABS, which took place from 11 to 13 of June 2019, in Barcelona, Spain, discussing the Greek and Cypriot NPLs: New Government Backed Proposals for NPL Resolution and the Role of ABS.
Our booth was visited by many attendees and five members of our Finance & Capital Markets team, were there to greet them!
The information memorandum on the take-over bid of Orkla Food Ingredients AS for the total of Stelios Kanakis S.A.’s shares listed on Athens Exchange has been approved by the Hellenic Capital Markets Commission on 30.05.2019 and has been made available to the public on 04.06.2019.
Zepos & Yannopoulos finance and capital markets team advises Orkla on the whole takeover bid process, including the announcement of the takeover bid, the preparation of the information memorandum and the squeeze-out process which will follow the completion of the take-over bid.
The transaction implements a pioneer legal structure sequencing a hive-down of PB’s recovery banking unit (RBU) into a licensed servicing NewCo, a retained securitisation of a approx. €27 billion GBV ringfencing the serviced portfolio and a bespoke SLA framework for the NPE, REO and reverse servicing arrangements.
The completion of the transaction resulted in Invel Real Estate, an investment firm focusing on real estate and distressed debt opportunities across Europe, becoming the largest ever investor in the Greek real estate market by successfully acquiring from National Bank of Greece a further 32.7% stake in NBG Pangaea REIC, the largest real estate investment company in Greece, for a consideration of €390,000,000, thus increasing its overall shareholding in NBG Pangaea REIC to circa 98.1%.