White & Case Advises Cassa di Risparmio di Asti on Disposal of €697 Million NPL Portfolio
Global law firm White & Case LLP has advised Cassa di Risparmio di Asti S.p.A. and its subsidiary Cassa di Risparmio di Biella e Vercelli – Biverbanca S.p.A., as originator and notes subscriber, on the disposal of a portfolio of non-performing loans (NPLs) comprising ipotecari mortgage loans and unsecured loans.
The loan portfolio was sold to Maggese S.r.l., a securitization vehicle created ex lege 130/99, for an aggregate gross total amount of approximately €697 million.
Following the acquisition of the loans, Maggese S.r.l. issued three classes of notes: senior notes for a total value of approximately €171 million, rated in line with the Italian State guarantee scheme for the senior tranches of NPLs ABS (GACS); mezzanine notes for a total value of approximately €24 million; and junior notes for a total value of approximately €11 million. The transaction was structured by Mediobanca – Banca di Credito Finanziario S.p.A., as arranger.
The White & Case team in Milan which advised on the transaction comprised partner Gianluca Fanti, local partner Giuseppe Barra Caracciolo and associates Francesco Scebba and Rocco De Nicola.
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