White & Case Advises Goldman Sachs on Acquisition by Credito Fondiario and Elliott of €7.8 Billion NPL Portfolio

Global law firm White & Case LLP has advised Goldman Sachs, as financial advisor to Credito Fondiario and structuring agent to Elliott, on their successful bid to acquire a portfolio of non-performing loans (NPLs) from Banco BPM for a nominal amount of €7.8 billion, and establishing an NPL servicing platform to manage the acquired portfolio and 80 percent of any new NPLs originated by Banco BPM in the next ten years.

The NPL portfolio has been sold to an Italian securitization vehicle and securitized through the issuance of various tranches of asset-backed securities. The senior tranche will be subscribed by Banco BPM and may be structured to benefit from the Italian government's guarantee on the securitization of NPLs pursuant to Law Decree no. 18/2016 ('GACS'). Elliott funds will purchase 95 percent of the mezzanine and junior tranches.

The White & Case team in Milan which advised on the transaction comprised partner Gianluca Fanti and local partner Giuseppe Barra Caracciolo, together with associate Riccardo Verzeletti.

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