Hogan Lovells Guides Piraeus Bank in €300 Million Securitisation of Non-Performing Loans

"Hogan Lovells has advised Piraeus Bank on the securitisation of a €300 million portfolio of non-performing corporate loans, known as Project Solar 2. This portfolio, part of a larger initiative to manage non-performing claims, was classified for sale as of June 2022. The notes from the securitisation were purchased by Waterwheel Capital Management, while Cepal Hellas will service the portfolio. This transaction aligns with Piraeus Bank's strategic plan to manage non-performing exposures and support its growth objectives. The advisory team included partners Madeleine Horrocks and Annalisa Dentoni-Litta, along with senior associate Franco Lambiase."

Hogan Lovells served as international counsel to Piraeus Bank S.A. in a significant transaction involving the securitisation of a portfolio of non-performing exposures. The transaction, known as Project Solar 2, involved the securitisation and transfer of a portfolio of corporate loans, including bond loans and other receivables, with a total gross book value of approximately €300 million. This portfolio was part of the Solar portfolio, which had been classified as held for sale as of 30 June 2022, and was established as part of a joint initiative by four systemic banks to manage non-performing corporate claims. The notes issued during the securitisation were acquired by an affiliate of Waterwheel Capital Management, LP, while the servicing of the portfolio was assigned to Cepal Hellas AEDADP, a credit servicer licensed by the Bank of Greece. This transaction aligns with Piraeus Bank’s strategic plan for the active management of non-performing exposures, supporting its long-term growth objectives. The Hogan Lovells team advising on the transaction included partner Madeleine Horrocks, partner Annalisa Dentoni-Litta, senior associate Franco Lambiase, associate Zoe Mingoia, and legal intern Anita Higgs.

Hogan Lovells Guides Piraeus Bank in €300 Million Securitisation of Non-Performing Loans

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