Global law firm White & Case has provided legal counsel to Intrum Holding (‘Intrum’) on a significant securitisation deal involving Piraeus Bank’s non-performing loan (‘NPL’) portfolio known as Project Senna.
The successful strategic partnership between Intrum and Piraeus Bank has seen the closure of seven previous securitisations, totalling more than €17 billion in gross book value. Dennis Heuer, a partner at White & Case, co-led the deal team and highlighted the fruitful collaboration between the two entities.
The Project Senna portfolio, as of March 31, 2023, comprises loans with a total gross book value of €300 million. It is held by Senna NPL Finance DAC and includes approximately 60 percent small-sized mortgages, and 40 percent consumer and small business loans.
Piraeus and Intrum have agreed that Intrum Hellas will act as servicer of the Project Senna portfolio, and Intrum has agreed to acquire the entirety of the notes of the securitisation from Piraeus.
The White & Case team which advised on the transaction was co-led by partners Dennis Heuer (Frankfurt) and Debashis Dey (Dubai & London, pictured) and local partner Greg Pospodinis (Dubai), and included partner Henrik Wireklint (Stockholm) and associate Reetu Vishwakarma (Frankfurt).