Milbank LLP has advised the National Bank of Greece (“NBG”) on the disposal of a Romanian-risk corporate NPE portfolio (“Project Danube”) with a total Gross Book Value of c. €174 million (€102 million of allocated collateral value) to Bain Capital Credit (“Bain Capital”). The transaction is being implemented in the context of NBG’s NPE deleveraging strategy and in accordance with the Operational Targets submitted to the Single Supervisory Mechanism (“SSM”).
The transaction has a neutral capital impact to the Bank. The closing of the transaction is subject to standard conditions precedent, including the approval of the transaction by the Competition Council of Romania, as well as the consent of the Hellenic Financial Stability Fund.
The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis, Sarbajeet Nag and Special Counsel Merih Altay, with associate Karen Chen.
