Milbank Advises Piraeus Bank on Signing Commitment with Intrum in Relation to Project Phoenix

Milbank LLP advised Piraeus Bank S.A. (“Piraeus Bank”) on signing a binding commitment letter with Intrum AB (publ) (“Intrum”), according to which Intrum committed to purchase 30% of the mezzanine and junior notes of the approximately €1.9 billion residential mortgages non-performing exposures (“NPE”) securitisation also known as Project Phoenix. Subject to requisite corporate and regulatory approvals, the Piraeus Bank is contemplating to distribute 65% of the mezzanine and junior notes to its shareholders, while retaining 5% of these notes itself.

The Milbank team was led by Global Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis and supported by special counsel Trevor Truman and associate Melanie Probst.