Our firm represented jointly National Bank of Greece, Alpha Bank, Piraeus Bank and Eurobank in entering into a binding agreement with Waterwheel Capital Management on Project Solar, involving the securitization of a portfolio of SMEs and corporate NPLs with a total GBV of ca. €1.2bn, with a single servicing strategy and arrangements, and the parallel sale and transfer to Waterwheel Capital of 95% of the mezzanine notes and 95% of the junior notes issued under the agreed structure. The Solar transaction is expected to close within Q1 2024, subject to customary conditions for similar transactions.
Project Solar is breaking ground in the Greek market as the first multi-seller, single-SPV, HAPS and SRT compliant securitization to be performed, rated and marketed jointly by all four Greek systemic banks.
Our team was led by our Partner Nikos Fragos, assisted by Associates Anastasia Mourmouti, Evi Dimou and Georgios Zervakis and our Trainee Lawyer Tina Sofianou on all transaction matters and Associate Dimitra Karampela on data protection issues.