Zepos & Yannopoulos advised Bain Capital Credit LP (Bain Capital) in the acquisition of a portfolio of c. 2,800 primarily secured non-performing corporate loans with a total outstanding principal amount of c. €1.6 billion (c. €0.6 billion of allocated collateral value) originated or otherwise owned by National Bank of Greece S.A.
Following the signing of the transaction in June 2020, Project Icon has successfully closed and the loan portfolio has been transferred to a vehicle of Bain Capital. Servicing of the portfolio was assigned by Bain Capital to doValue Greece, one of the leading servicing companies in the Greek market.
We assisted Bain Capital from the very preparatory stages of Project Icon and the submission of binding offers, to the negotiation and execution of the Greek law governed sale and purchase agreement, on to the drafting and negotiation of the servicing agreement with doValue Greece and all other ancillary operational agreements. The transaction followed the market trend for this type of portfolios, applying the Greek securitisation law 3156/2003 as a sale and transfer tool.
The transaction team was led by partner Christina Papanikolopoulou and senior associate Paris Tzoumas, assisted by associates Niki Ignatidi, Pinelopi Klara with further support from across the Zepos & Yannopoulos team.