Twelve investment funds have expressed an interest in the securitization of a portfolio of nonperforming loans with a face value of 700.5 million euros that Attica Bank’s management is offering for sale.
The winning bidder will be chosen by the end of next month, and in early May the bank will open a book for offers toward its share capital increase to the amount of 198 million euros.
This will be the second major securitization by the medium-sized lender following the transfer of NPLs worth 1.3 billion euros in 2017. In this context Attica has already transferred the 700.5-million-euro NPL portfolio to a special purpose vehicle, ABS Metexelixis SA, which has issued and transferred to the bank a senior note with a nominal value of 343.25 million euros and a junior note of 357.25 million euros.
The successful outcome of the portfolio sale will to a great extent also determine investor interest in the share capital increase.
Based on Attica’s strategic planning, the increase is aimed at supporting the bank’s expansion on healthy foundations and paying off the state’s preferential shares worth 100.2 million euros.