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White & Case and Zeya Advise on Acquisition of EUR 900 Million NPL Portfolio from National Bank of Greece

White & Case and Zeya Advise on Acquisition of EUR 900 Million NPL Portfolio from National Bank of Greece

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White & Case and Zepos & Yannopoulos have advised Centerbridge Partners, L.P. and Elliott Advisors UK Limited on the acquisition of a EUR 900 million portfolio of secured non-performing small business lending and SME loans secured by Greek real estate from the National Bank of Greece. Karatzas & Partners reportedly advised the NBG on the deal.

According to White & Case, "The 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."

According to the firm it "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 securitization regulations."

The White & Case team was led by Partners Debashis Dey (Dubai & London) and Jeffrey Rubinoff (London), and included Counsel Claudio Medeossi (Dubai & London) and London-based Associate Lisa Seifman and Dubai-based Associates Greg Pospodinis and Adam Gao.