March 2021 In Uncategorized

Galaxy Securitisation

News & Works – YLP acted for BNY Mellon as security trustee on EUR 231 million loan

In Banking & Finance

Galaxy Securitisation

In February 22, 2021 Alpha Bank announced that it has entered into a definitive agreement with certain entities managed and advised by Davidson Kempner Capital Management LP in relation to: (a) the sale of 80% of its loan servicing subsidiary Cepal Holdings Single Member S.A. and (b) the sale of 51% of the Mezzanine and Junior securitisation notes of the Euro 10.81 billion NPE portfolio (the “Galaxy Securitisations”) together with the sale of New CEPAL.51% of the Mezzanine and Junior securitisation notes will be sold to an entity managed and advised by Davidson Kempner for a consideration payable in cash, at an aggregate valuation for 100% of those notes of Euro 40 million. The total proceeds for Alpha Bank including the Senior notes and the sale price of the Mezzanine and Junior notes correspond to c.35% of the total gross book value of the portfolio sold. Alpha Bank will retain 5% of the Mezzanine and Junior securitization notes, to comply with risk retention rules. Your Legal Partners together with DVLaw advised the Arrangers, Deutsche Bank and Alantra, with regard to Galaxy Securitisation.