Banca Ifis concluded yesterday the first senior financing intervention in the NPL area. The institute also acquired 3 non-performing/performing credit portfolios for a total nominal value of over €1,7 billion.
The senior financing transaction relates to the financing of a portfolio of secured non-performing loans (mortgage loans) originated by an Italian banking group and acquired, through a securitization company, by LP, a company associated with Cerberus Capital Management and leader in alternative investments globally.
The deal, which involved an investment of 26 million euro, saw Banca Ifis in the role of lender through the subscription of the senior notes and a part of the junior notes issued by the securitization vehicle through which Cerberus purchased the impaired assets.
This senior financing intervention is the result of the synergy between the ability to assess the risk of distressed assets and the structured finance skills acquired with the integration of Interbanca, testifying at the same time to the strong dynamism of the institution and the ability to act through innovative.
In terms of the purchase of non-performing/performing assets, the Bank announces the closing of 3 portfolios, two of which consist of retail and corporate banking loans, secured (originating from mortgage loan contracts issued to retail customers) and unsecured.
The institute acquired the portfolios from an international fund active in distressed credit through a securitization company, for a total nominal value of 1,5 billion euro, equal to over 13.500 positions, of which 220 positions correspond to performing secured loans. (24 million euros of nominal value).
The third portfolio purchased from Banca IFIS has a nominal value of 192 million euro, corresponding to 1.300 positions. It is made up of 71% secured retail loans and 29% retail unsecured loans and was sold to Banca Ifis by a leading European bank. The total of NPL loans managed by Banca IFIS amounts to over 12,5 billion euro and includes approximately 1 million and 500 thousand positions.
