White & Case Advises Centerbridge Partners and Elliott Advisors on Acquisition of €900 Million NPL Portfolio from National Bank of Greece
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Global law firm White & Case LLP has advised Centerbridge Partners, L.P. and Elliott Advisors UK Limited on the acquisition of a €900 million portfolio of secured non-performing small business lending and SME loans secured by Greek real estate from the National Bank of Greece (NBG).
"This is yet another example of our recent work in Greece on a succession of very successful NPL sales on which White & Case has advised either on the buy side or the sell side" said White & Case partner Debashis Dey, who co-led the deal team with partner Jeffrey Rubinoff.
NBG completed the disposal of the portfolio to Symbol Investment NPLCO DAC, a company jointly owned by funds managed by Centerbridge Partners and Elliott Advisors. The consideration of the transaction is equivalent to approximately 28 percent of the principal amount of the portfolio and is capital accretive to NBG.
White & Case advised on all aspects of this highly complex transaction, including the joint-venture and acquisition structuring, the asset servicing arrangements with Cepal Hellas, and the limited recourse senior financing together with specialist advice on European risk retention and securitisation regulations.
The White & Case team which advised on the transaction was led by partners Debashis Dey (Dubai & London) and Jeffrey Rubinoff (London), and included counsel Claudio Medeossi (Dubai & London) and associates Lisa Seifman (London) and Greg Pospodinis and Adam Gao (both Dubai). Greek law firm ZeYa acted as a local legal counsel.
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